Author: Cillian Rossi
The European Investment Bank (EIB) is an important actor in the EU’s efforts to transition to carbon neutrality by 2050. In response to calls from the European Council and European Commission President Ursula von der Leyen, the EIB has committed to scaling up its climate-related activities in order to become the EU’s dedicated climate bank. Guided by broader EU commitments to the Paris Agreement and to the United Nations Sustainable Development Goals, the EIB already has a significant track record upon which to build. Notably, the Bank issued the world’s first green bond and has since expanded its bond issuance portfolio into a wide range of sustainable causes.
The EIB has also been working closely with other EU institutions to support the green transition. The Bank has partnered with the European Commission to mobilise private investment in renewable energy and has contributed expertise to the work of the Commission’s Technical Expert Group on Sustainable Finance. More contentiously, the EIB has agreed to cease financing fossil fuel projects by the end of 2021, in the face of significant opposition from some Member States. This briefing examines the EIB’s recent activities in support of climate action and considers the Bank’s capacity to finance the green transition in the EU.
The briefing can be accessed here.