Carbon Rising: European Investment Bank energy lending 2007-2010
Study | 8 December 2011
The study analyses energy lending by the EIB, the world’s largest public bank, since the institution launched its energy policy in 2007. While lending to renewables has increased in the period 2007-2010, support for fossil fuels has also risen, almost doubling from 2.8 billion euros in 2007 to 5 billion in 2010.
Additionally, there is still a large gap between the investments into renewable energy in the EU-15 (old Member States) and the New Member States. The level of energy efficiency investments is still extremely low.
The increase of investments into fossil fuels (in absolute terms) is particularly of concern given that fossil fuel infrastructure built now will still be working in 2050, thus locking Europe into fossil fuel consumption and dashing its chances of meeting its 80-95 percent greenhouse gas reduction targets.
A summary of the report’s main findings can be found in our briefing The European Investment Bank – powering a sustainable future?.
The EIB’s response to the study is available here.
Bankwatch’s rejoinder to the EIB’s response is available here.
Theme: Energy & climate