Posted on November, 12 2019

The EU’s bank could ring time on its support for fossil fuel projects on Thursday 14 November.

If the European Investment Bank ends its financing for coal, oil and gas, it would be an important step for climate action and towards delivering the European Green Deal.

However, the European Commission, Germany and others are fighting for some gas projects still to be eligible. WWF, Greenpeace and other NGOs have written to Commission Vice-President Timmermans urging him to step in and support the phase out of EIB financing for all fossil fuels by the end of 2020. 

Back in October, the European Investment Bank’s Board failed to agree to end funding for coal, oil and gas following weeks of wrangling between Member States, and pushed the decision back until now.  
 
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. In October, the EIB 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.” 
 
Contact:
Sébastien Godinot
Economist, WWF European Policy Office
+32 489 46 13 14
sgodinot@wwf.eu

Sarah Azau
Media Manager, WWF European Policy Office
+32 473 57 31 37
sazau@wwf.eu