Submission to EIB Climate Roadmap consultation

Financing the transition

The EIB has made a commitment to aligning its operations with the Paris Agreement from the end of 2020. To get there it is developing a Climate Bank Roadmap 2021-2025 and inviting stakeholder input at various stages with the aim to finalise October 2020.

Climate Action Network Europe made a submission to the first round of consultation, focusing on the need for all EIB operations to be aligned with limiting temperature rise to 1.5°C and a transition towards climate neutral economies. All lending and support should be conditional on development of time-bound, science-based targets and decarbonisation plans by recipient companies and intermediaries.

Eligibility criteria for climate action and environmental sustainability need to be strengthened to avoid greenwashing and adverse social impacts. Regarding its operations in developing countries the EIB needs to significantly strengthen its capacities, expertise and take an integrated approach to delivering on the Paris Agreement and the SDGs, to alleviate poverty and foster sustainable development.

EIB Climate Roadmap consultation CAN Europe April 2020