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Change the lending, not the climate

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CEE Bankwatch Network, together with an external consultancy, has conducted a rigorous analysis of the energy portfolio of the European Investment Bank from 2002 until the end of 2008. This was done in the context of the EU's climate and energy targets. As the EU's bank, the EIB is supposed to promote European objectives.

In spite of the clear evidence of the climate change challenge, and despite the challenge the EU's targets pose for its member states - especially the new member states in the east - the analysis reveals that the EIB continues to heavily support fossil fuels while its lending for renewable energy maintains a promising, if only rather steady, share.

The vast potential for energy efficiency (and also some renewables) in the countries of central and eastern Europe is not, however, being well served by EIB energy investments. Other than the clear implications for climate mitigation, EIB reluctance to date to channel billions into clean energy initiatives in this region is hindering not only energy security but also the creation of new jobs and economic prosperity.

You can also read a four page summary here (pdf).