In two separate letters, a group of 70 NGOs and local authorities, as well as another group of around 30 companies, investment groups and scientific institutions, called on the European Investment Bank (EIB) on Monday 7 October to stop lending for fossil fuels.
While welcoming the EIB's commitment, in a project dated 26 July, to stop financing fossil fuels by 2020 (see EUROPE 12306/9), the two letters encourage the Bank, each in its own way, to fulfil its commitment. In eight days, the EIB's Board of Governors will have to give its opinion on this project.
Although NGOs and local authorities say they are "grateful to the EIB and its Management Committee for their leadership in producing such a strong draft", they urge the Bank to "resist the efforts of certain stakeholders - including the gas industry and the European Commission - to weaken this original draft".
According to these organisations, since its revision on 27 November, the EIB's plan now contains terms that create "loopholes", allowing many projects "to sneak in before the door is truly closed on new financing for gas".
For their part, companies, investment groups and scientific institutions are providing support to the EIB in its ambition to phase out public lending for fossil energy projects in favour of low-carbon public and private investment. They further call on the Commission to "not backtrack on its progressive and ambitious leadership, both in terms of the 2020 date and scope".
See the letter from NGOs and local authorities: https://bit.ly/33b6RLU and that of companies, investment groups and scientific institutions: https://bit.ly/356Ye6W (Original version in French by Damien Genicot)