Germany leads sabotage of EU bank's climate efforts

15 October 2019
by WWF -- last modified 15 October 2019

In a blow to the climate and the EU’s green credentials, the European Investment Bank's Board failed a second time to agree to end funding for coal, oil and gas today, instead pushing the decision back to 14 November.

The postponement follows weeks of wrangling between Member States.  France supports a phase-out of fossil fuel funding as originally proposed by the European Investment Bank (EIB) in July, while the EU Commission, Germany and Eastern European countries want gas projects still to be eligible for EIB support.

Sébastien Godinot, Economist at WWF's European Policy Office said:

"We are appalled by the backward-looking stance of Germany, the EU Commission and others. They are sabotaging the EIB's commitment to align with the Paris Agreement. The EIB has therefore missed an opportunity to begin morphing into the EU 'Climate Bank', and set a global benchmark by ending its support for fossil fuels. We urge all Member States and the Commission to support this on 14 November." The European Policy Office helps shape EU policies that impact on the European and global environment.

The European Policy Office helps shape EU policies that impact on the European and global environment.

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