Zagreb, Croatia – Today the Board of Directors of the world’s largest public lender, the European Investment Bank (EIB), are meeting to discuss whether or not it will stop financing fossil fuel projects from 2021. The governments of Germany and France are key to delivering this vital policy, but at present, the German Federal Ministry of Finance is failing to back climate-friendly terms of lending for the bank.
“It’s crucial that Olaf Scholz, Germany’s Federal Minister of Finance, climbs off the fence and seizes this opportunity to shift billions of Euros away from dangerous fossil fuels. Starting on the 20th September millions of people will take to the streets to demand climate justice – there are hundreds of actions planned across Germany. By shifting finance from gas and coal to help develop community-scale renewable projects and energy efficiency this government could really help Europe to take the right path in the fight against climate change. It is important that policymakers support the new lending policy.” says Kate Cahoon, Germany campaigner at 350.org.
There is no time to lose, the climate crisis is here. In response, millions of people around the world are preparing climate strikes in 117 countries to demand climate justice. Financial institutions must get on the right side of history by supporting decarbonisation of the energy mix, not fossil fuels. A new report launched today revealed that more than 11 trillion US dollars are already being divested from fossil fuels.
This summer’s heatwave killed nearly 1500 people in France alone. These are victims of fossil fuel financiers like the European Investment Bank, Total, and governments complicit in climate breakdown. Investing in fossil fuels isn’t just morally reprehensible – it doesn’t make economic sense. The dirty energy sector is underperforming and is exposed to multiple transition risks. For the French government, this is a new crash test – failing to be loud and clear in its support for the European Investment Bank to go fossil free will leave no chance to claim a stake as one of Europe’s climate leaders” says Clémence Dubois, France campaigner at 350.org.
Across Europe this year climate change has contributed to record-breaking heatwaves, wildfires, drought and unprecedented ice loss. The pressure on elected officials, comprising the EIB Board of Governors, is mounting ahead during this critical decision-making process.
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