The European Union is set to continue a funding tool that in last two years has lent billions of euros for fossil fuels projects, finds a new study from CEE Bankwatch Network, CAN Europe, Counter Balance and WWF European Policy Office.
Established in 2015 to leverage private capital with money from the EU budget to guarantee risky loans by the European Investment Bank (EIB), the European Fund for Strategic Investment – also known as the ‘Juncker Plan’ – has since then doled out EUR 1.85 billion for fossil energy, almost 30 percent of its energy loans, and is increasingly funding carbon-intensive transport like motorways and airports, which have received EUR 2.5 billion since the fund’s inception.
Read the full report here.
