The European Investment Bank (EIB) should not support the creation of a hydrogen market, stop financing fossil fuel companies and cease funding projects which damage the environment, society and economy where they are built.
The Fossil Free EIB coalition in a letter explains why the bank should heed warnings from scientists, civil society organisations and politicians that hydrogen produced from renewable energy is unproven, costly, inefficient and unrealistic at large scale. The EIB should also exclude all support for fossil fuel-based hydrogen, which will only extend dependence on fossil fuels and related infrastructure.
The Fossil Free EIB coalition urges the EIB to prioritise socially and environmentally sound and efficient solutions in all of its climate finance – especially as it is using taxpayers’ money to operate. The bank can begin by incorporating the coalition’s recommendations into the upcoming review of its Climate Bank Roadmap.