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European Investment Bank approves 1 trillion euro plan for sustainable projects

The European Investment Bank’s (EIB) “Climate Bank” has approved funds for a total of 1 trillion euro, to be spent by 2030 on climate, biodiversity and sustainability-focused projects. The EIB has also announced that all financing activities will be aligned with the Paris climate agreement by the end of 2020.

While the financing of airport expansions will be stopped, environmental groups have expressed frustration at EIB, as some projects with a high carbon footprint will keep on being financed until 2022, while the building of road arteries will continue.

“In practice, it means that the EIB will not become Paris-Aligned by the end of 2020. In light of the climate urgency, this is a missed opportunity”, said Xavier Sol, Director at Counter Balance, a coalition of development and environmental non-governmental organisations.