EIB energy lending policy: Supporting the energy transformation

Summary:

This document informs stakeholders of the European Investment Bank (EIB) - shareholders, borrowers, promoters, partners and civil society organisations - as well as the wider public on:

• what types of energy projects are consistent with the Bank’s objectives;
• how energy projects will be assessed and prioritised by the Bank and
• how the Bank supports EU energy policy.

It has been adopted on 14 November 2019, following a comprehensive review, including an extensive public consultation that was launched in January 2019.

• Alternative Source 1

Official

EIB: Press Release, 14/11/2019: EU Bank launches ambitious new climate strategy and Energy Lending Policy https://www.eib.org/en/press/all/2019-313-eu-bank-launches-ambitious-new-climate-strategy-and-energy-lending-policy.htm#

European Commission: Statement on the adoption of the new energy lending policy of the European Investment Bank Group, 14 November 2019 https://ec.europa.eu/commission/presscorner/detail/en/statement_19_6288

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News

The Guardian, 26/07/2019: EIB plans to cut all funding for fossil fuel projects by 2020 https://www.theguardian.com/environment/2019/jul/26/eib-plans-to-cut-all-funding-for-fossil-fuel-projects-by-2020

Reuters, 26/07/2019: European Investment Bank proposes end to fossil fuel lending https://www.reuters.com/article/idUSKCN1UL1PX

Bloomberg, 26/07/2019: EU’s Lending Arm Plans to Phase Out Fossil-Fuel Funding https://www.bloomberg.com/news/articles/2019-07-26/eu-s-lending-arm-plans-to-phase-out-fossil-fuel-funding

Climate Home, 26/07/2019: European Investment Bank moots fossil fuel lending ban https://www.climatechangenews.com/2019/07/26/european-investment-bank-moots-fossil-fuel-lending-ban/

Forbes, 27/07/2019: EU Lending Bank To End All Fossil Fuel Financing By 2020 https://www.forbes.com/sites/davekeating/2019/07/27/eu-lending-bank-to-end-all-fossil-fuel-financing-by-2020/

EurActiv, 09/09/2019: EIB begins metamorphosis into climate bank https://www.euractiv.com/section/energy-environment/news/eib-begins-metamorphosis-into-climate-bank/

Reuters, 13/10/2019: Europe's climate credentials face acid test in EIB fossil fuel vote https://www.reuters.com/article/idUSKBN1WS0FF

EurActiv, 15/10/2019: EU bank kicks climate can down road to November https://www.euractiv.com/section/energy-environment/news/eu-bank-kicks-climate-can-down-road-to-november/

Reuters, 15/10/2019: European Investment Bank postpones decision on fossil fuel lending https://uk.reuters.com/article/idUKKBN1WU1PI

The Guardian, 15/10/2019: Concerns as EU bank balks at plan to halt fossil fuel investments https://www.theguardian.com/environment/2019/oct/15/concerns-eu-bank-balks-plans-halt-fossil-fuel-investments-climate-action-eib

Reuters, 11/11/2019: EIB says too early to declare victory in battle to end fossil fuel funding https://www.reuters.com/article/idUSKBN1XL222

EUObserver, 12/11/2019: EU 'climate bank' won't rule out carbon capture https://euobserver.com/environment/146576

EurActiv, 12/11/2019: EU bank tees up fossil fuel compromise ahead of crucial vote https://www.euractiv.com/section/energy-environment/news/eu-bank-tees-up-compromise-on-fossil-fuel-funding-ahead-of-crucial-vote/

BBC News, 14/11/2019: European Investment Bank drops fossil fuel funding https://www.bbc.co.uk/news/business-50427873

Reuters, 14/11/2019: European Investment Bank to cease funding fossil fuel projects by end-2021 https://www.reuters.com/article/idUSKBN1XO2OS

Bloomberg, 14/11/2019: EU Bank Takes ‘Quantum Leap’ to End Fossil-Fuel Financing https://www.bloomberg.com/news/articles/2019-11-14/eu-bank-takes-quantum-leap-to-end-fossil-fuel-financing

Deutsche Welle, 14/11/2019: Climate change: EU bank to stop fossil fuel lending https://p.dw.com/p/3T4m4

The Guardian, 15/11/2019: European Investment Bank to phase out fossil fuel financing https://www.theguardian.com/environment/2019/nov/15/european-investment-bank-to-phase-out-fossil-fuels-financing

The Irish Times, 15/11/2019: EIB’s decision to end funding for fossil fuel energy projects welcomed https://www.irishtimes.com/business/energy-and-resources/eib-s-decision-to-end-funding-for-fossil-fuel-energy-projects-welcomed-1.4084456

EurActiv, 15/11/2019: EU bank brokers late-night deal to phase out fossil fuels https://www.euractiv.com/section/energy-environment/news/eu-bank-brokers-late-night-deal-to-phase-out-fossil-fuels/

Forbes, 15/11/2019: European Investment Bank Will Stop Financing New Fossil Fuels Projects https://www.forbes.com/sites/emanuelabarbiroglio/2019/11/15/european-investment-bank-will-stop-financing-new-fossil-fuels-projects/#7147f0fb9253

Climate Home, 15/11/2019: European Investment Bank ends lending to fossil fuel projects https://www.climatechangenews.com/2019/11/15/european-investment-bank-ends-lending-fossil-fuel-projects/

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Commentary and Analysis

EurActiv, 14/10/2019: Juncker Commission stalls EU climate bank in starting blocks https://www.euractiv.com/section/energy-environment/opinion/juncker-commission-stalls-eu-climate-bank-in-starting-blocks/

WWF: Press Release, 14/11/2019: European Investment Bank announces landmark decision to end funding for all fossil fuel projects by 2021 https://wwf.panda.org/wwf_news/press_releases/?355884/

Forbes, 18/11/2019: The European Investment Bank Quits Fossil Fuels. But Borrowers Still Have Their Pick Of Lenders. https://www.forbes.com/sites/scottcarpenter/2019/11/18/the-european-investment-bank-quits-fossil-fuels-but-borrowers-still-have-their-pick-of-lenders/

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