October 5, 2015
The European Investment Bank said Monday it is working to find out if any of its loans to Volkswagen to boost research into cleaner engines and other green technology were instead used to rig cars to cheat on emissions tests. “We are looking into our exposure, we are looking into seeing where the individual loans have been used,” said Jonathan Taylor, the bank’s vice-president.
September 30, 2015
The Volkswagen Group received more than €4 billion in loans from the European Investment Bank over the last decade, with much of the money going to research aimed at developing cleaner engines. The world’s largest carmaker is embroiled in a global scandal after installing so-called defeat devices in 11 million of its diesel cars to cheat on emissions standards tests, a scandal that has cost the CEO his job, opened the company to a potential fine of $18 billion in the U.S., pummelled the stock price, and prompted investigations across Europe.
September 25, 2015
Following revelations about Volkswagen cheating in emissions tests and about the European Investment Bank’s substantial support for VW – including loans for research and development of cleaner engines, Bankwatch requested information on EIB loans to the car maker. The bank provided highly insufficient responses. Read more here >>
March 12, 2009
The European Investment Bank (EIB) has today extended EUR 3 billion in soft loans to eight European carmakers for the development and production of cleaner vehicles. CEE Bankwatch Network and Greenpeace call on the EIB to ensure that money goes to initiatives with a true impact on cutting carbon emissions from cars and not just to small-scale greenwash projects.