The European Fund for Strategic Investments was established in 2015 to power-charge post-crisis Europe and provide a much-needed impulse for de-carbonising its economies. Yet, a the new report by CAN Europe, CEE Bankwatch, WWF, Friends of th Earth Europe shows that during its first year, the fund leveraged EUR 1.5 billion for fossil fuel infrastructure, and 68% of transport investment is destined for carbon-intensive projects.
In addition, the fund’s portfolio is heavily biased towards old EU member states and rather seems to replace the European Investment Bank’s green investments, rather than complementing them.
Highlights from the report available here.
The best laid plans – Why the Investment Plan for Europe does not drive the sustainable energy transition