Fossil-free EIB

Our Demands

In November 2007, the European Parliament passed an important resolution to end taxpayer support for fossil fuel projects. The resolution asks the European commission and EU governments for "discontinuation of public support [...] for fossil fuel projects" and to propose legislative instruments that would compel the EIB and other public finance bodies to "take account of the climate change implications of the funded projects..."

CEE Bankwatch Network is calling on the EIB to phase out its lending for all fossil fuel investments by 2012. To put the EIB on course and on schedule to achieve this landmark, it needs to take the following three intermediate steps:

Step 1: Agreement to phase out EIB lending for oil projects by the UN FCCC 15th Conference of the Parties in Denmark, December 2009.
Step 2: An immediate ban on EIB lending to extractive projects in high conservation value zones, indigenous territories and armed conflict areas.
Step 3: Disclosure of all direct as well as induced greenhouse gas emissions derived from the EIB's fossil fuel projects.

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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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