The purpose of the EIB is to assist EU Member States in delivering climate objectives and take action against to protect future future generations from the adverse consequences of climate change – consequences which are already being felt. In doing so, the EIB recognises that one of the key challenges in the fight against climate change is to make the investments that are needed for a transition to a low-carbon society.
In reaction to the publication of the EIB’s Climate Strategy, Bellona Europa Director, Jonas Helseth, stated that: “By publishing this strategy the EIB is sending an important signal to those seeking investment: your project must fit in a low-carbon society. Still, it’s difficult to find much novelty in this strategy, it comes across more like a summary of previous decisions. We therefore look forward to seeing the EIB translate this into tangible outcomes.”
This new Climate Strategy outlines the main strategies for how climate finance is to be mobilised, including “reinforcing the impact of EIB climate financing, increasing resilience to climate change, and further integrating climate change considerations across all of the Bank’s standards, methods and processes.”
The strategy commits a minimum of 25 per cent of all its lending to climate-related projects. This however, is for all practical reasons the same as before, with a similar target reportedly set in 2010 and a 30 per cent climate-related lending share already achieved.
The strategy states that “as the EU bank, the European Investment Bank (EIB), has made climate action one of its top priorities and developed a leading position among international finance institutions in this area,” which will be essential when assisting the EU in its transition to a low-carbon economy.