Support to fossil fuel projects from the European Fund for Strategic Investments (EFSI)
Briefing | 13 January 2017
In September 2016 the European Commission published its proposal for the prolongation of the EFSI until 2020, to be achieved by amending the existing regulation. We welcome several improvements, but are concerned that they fall short of properly tackling the challenges and shortcomings identified, namely to provide additionality and catalyse the unambiguous move to reduce GHG reductions. On the basis of our in depth report Best Laid Plans, which analysed the 93 projects approved until July 2016 and further analysis of the EFSI entire portfolio till the end of 2016 under the Infrastructure and Innovation Window (IIW), we consider that the EFSI regulation needs considerable improvements in the energy area.
- In the energy sector, the EFSI needs to stop supporting fossil fuel projects;
- All EFSI projects should be climate-proofed in line with the COP21 commitments and the EU 2050 commitment to reduce GHG reduction by 80% to 95%.