The governments of the European Union on Wednesday (November 11th) approved a green “roadmap” of 1 trillion euros for the lending arm of the bloc, which will allow it to stop financing fossil fuel projects and gas extensions. airports, although climate groups have said it doesn’t go far enough.
The European Investment Bank (EIB) “Climate Bank RoadmapHad been under discussion since last year when it was touted as a sign of the EU’s intention to lead the fight against climate change.
The 1 trillion euros must be spent by 2030 on projects focused on climate, biodiversity and sustainability. The bank says âall financing activitiesâ will also be aligned with the Paris climate agreement by the end of this year.
Another key decision of the EIB board is to ensure that “all financing activities are aligned with the objectives and principles of the Paris Agreement by the end of 2020” and “do not harm not significantly âto the low carbon targets it contains.
âThis is a major contribution to Europe’s role in the path of decarbonization and a green, resilient and socially inclusive economy,â said Werner Hoyer, President of the EIB. declaration.
Environmental groups welcomed the EIB’s proposals last year, but said the final version had been stripped of some of its original ambitions.
Its deadline to stop funding oil and gas projects had been pushed back by a year, some other damaging projects would still receive support until 2022, and road construction would also continue.
“We are disappointed by the decisions of European governments which have adopted this climate roadmap,” said Xavier Sol, director of Counter Balance, a coalition of non-governmental development and environment organizations.
âIn practice, this means that the EIB will not become Paris-AlignÃ©e by the end of 2020. Given the climate emergency, this is a missed opportunity. “
Despite this, the groups welcomed the formal recognition of climate change as a priority for the EIB and called the decision to stop funding airport expansion a “significant step forward”.
The EIB is expected to make another minor but significant change by formally aligning itself with the Paris Agreement commitment to limit global warming to 1.5 degrees Celsius above pre-industrial levels.
âCOVID-19 is not the only crisis on our hands,â Hoyer said.