Fossil-free EIB

EIB subsidies for fossil fuels must end

The European Investment Bank, the EU's house bank and the world's biggest public bank with lending in 2007 of EUR 47.8 billion, has pumped over EUR 17 billion into fossil fuel projects both within as well as outside the EU since the adoption of the Kyoto protocol in 1997. In 2007 alone it loaned over EUR 3 billion for fossil fuels.

With unparalleled global consensus on the need to tackle climate change, the EIB has to become one of the leading agencies helping to secure the EU Energy Package aim of reducing European fossil fuel consumption by 200 to 300 million tonnes per year.

In order to do so the EIB should stop financing fossil fuel projects like oil and gas pipelines or coal fired power plants altogether, and instead focus its energy lending exclusively on energy efficiency, renewable energy and research and development investment to those two areas.

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Change the lending, not the climate!

CEE Bankwatch Network has worked with an external consultancy to conduct a rigorous analysis of the energy portfolio of the European Investment Bank from 2002 until the end of 2008. This was done in the context of the EU's climate and energy targets. As the EU's bank, the EIB is supposed to promote European objectives. Read more

West African Gas Pipeline

The West African gas pipeline (WAGP) is a 681 kilometre onshore and offshore pipeline designed to transport natural gas from gas fields in the western Niger Delta of Nigeria to consumers in Benin Republic, Ghana and Togo. Read more

Oil Exploration in Basilicata, Italy

The European Investment Bank has supported the development of two large onshore oil deposits located in the southern Apennine mountains of the Val d'Agri area in southern Italy. The EIB has also supported the construction of a new 150 kilometre pipeline from the“Monti Alpi” oil storage plant to the coastal city of Taranto. Read more

Chad-Cameroon Oil Pipeline

The Chad-Cameroon oil development and pipeline project is the largest private sector investment in sub-Saharan Africa. The project's total cost is 4.2 billion dollars and is lead by ExxonMobil. It involves the development of 300 wells in Chad, with an estimated extraction of approximately one billion barrels of oil over twenty-five years. The oil is to be transported via a newly constructed 1040 kilometre underground pipeline bypassing Cameroon to an offshore loading facility. Read more

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