On Tuesday, 3 December, in Brussels, MEPs of the European Parliament's Environment Committee almost all welcomed the EIB's shift in its lending policy for the energy sector, considering that the transformation of the European Investment Bank into a climate bank is a step forward, "a step in the right direction", (see EUROPE 12370/11).
However, doubts and questions were expressed, especially on the left and among the Greens/EFA, during an exchange with EIB President Werner Hoyer, on the nature of the low-emission gas projects the EIB will finance.
"A paragraph in last week's European Parliament resolution for COP25 welcomed the EIB's new lending policy", said Pascal Canfin, Chairman of the Parliamentary Committee, (Renew Europe, France).
Werner Hoyer stressed the alignment of all EIB activities with the objectives of the Paris Agreement from the end of 2020 (the share of its climate beneficial activities should reach 50% by 2025) and its commitment to contributing to the raising of €1,000 billion in sustainable investments.
The EPP, citing countries highly dependent on coal, such as Poland, expressed support for gas projects in combination with renewables.
The S&D, Greens/EFA and GUE/NGL groups, for their part, asked in unison what "low-emission gases" are.
An EIB expert recalled that, for electricity production, it is proposed to use all available technologies, but for gas, it will be necessary to adapt to the new standard of 250 grams of CO2 per kWh of electricity produced (half of the current standard).
For new projects to meet this new standard, there are only 3 solutions: - combine heat production and use the product surplus; - mixing renewable gases, biogases and, in the future, hydrogen, for gas production; - combine gas capture and storage, he said.
According to him, "the 100-gram standard advocated in the sustainable taxonomy concerns green financing for projects that make a positive contribution to the achievement of environmental objectives, while the 250 standard is aligned with the Paris Agreement, which means that the situation should not be worsened or damage caused".
Alexander Vondra (ECR, Czech Republic) asked whether the project to complete the Prague ring road connection could be eligible, since it would certainly reduce pollution in his country, but would not contribute to compliance with the Paris Agreement, since vehicles would bypass the capital.
For ID, the transformation of the EIB into a climate bank is the "latest manifestation of the creation of an economic bubble". (Original version in French by Aminata Niang)