(01 November 2021 – Europe) The European Investment Bank (EIB) has recently announced a complete termination of all loans to oil and gas companies.
As the bank seeks to align its projects and operations with the goals of the Paris Agreement, it can no longer support corporations who continue to invest in high carbon activities.
On the other hand, the bank has also announced that it will triple climate adaptive finance for businesses in order to ramp up regional efforts for a greener economy. The EIB’s Adaptation Plan supports the objectives of the European Union Adaptation Strategy for both inside and outside the European Union (EU). Before finance can be obtained, all business projects will now be screened for risks of climate change and its ability to adapt to future changes.
“As one of the leading multilateral banks for climate action, we are further increasing our climate ambition. In general, EIB will no longer finance standard low-carbon projects of high-emitting corporations if the corporation continues to operate or invest in activities that are not aligned with the goals of the Paris agreement” commented EIB President, Werner Hoyer
“We listened to the calls from the COP26 Presidency and the international community on how public banks must do more to help save the planet from global warming. We stand ready to work with our partners to increase our joint impact, and respond to the calls from the COP26 Presidency and international community” he also added.