THE PETITION

The European Investment Bank's dirty energy tendencies are eclipsing the bank's advances on clean energy... and undermining EU climate targets at the same time.

This new Bankwatch (click the cover to get the pdf) report finds that:

18 billion euros - or nearly 50 percent of the energy portfolio - went for oil, gas and coal in the 2002-2008 period.
7 billion euros was invested for energy in the Global South by the EIB in the 2002-2008 period, of which 93 percent of this money went to oil, gas, large hydro power projects and transmissions lines
1.39 billion euros loaned by the EIB in 2008 for renewable energy in the EU has to be seen in the context of the estimated 40 billion euros required to meet 2020 emission reduction targets of the EU.

You can help change these dirty lending practices.

Sign the petition below, let EIB President Maystadt know that you don't support taxpayer money going to dirty industries, then pass on the petition to friends and family.

The petition message is set out below and you may edit it if you wish. Your name, email address, postcode and country of residence will automatically be appended.

Dear President Maystadt, I am concerned about the investments and activities of the European Investment Bank, in particular the bank's continued subsidies for fossil fuels. The EIB has pumped over 18 billion euros into fossil fuel projects both within and outside the EU between 2002 and 2008. Many of these investments end up in the poorest countries of the Global South, where more often than not they aggravate and even create acute local problems such as poverty and human rights abuses. Given these issues and the fact that there is now unparalleled global consensus on the need to tackle climate change, I would like to ask the EIB to take a decision on phasing out its financing of fossil fuel projects immediately. I am aware that the EIB is already contributing significantly to the development of clean energy. Instead of compromising these efforts with fossil fuel investments, the EIB should focus its energy lending exclusively on investments into energy efficiency, renewable energy, decentralised energy systems and research and development. As a first step, the EIB should boost its renewable portfolio in order to meet their 50 percent target of renewable generation by 2010. The EIB must ensure that there are no double standards for its lending, whether in the old or new member states as well as countries of the Global South. I look forward to the EIB fully tackling the challenges posed by climate change and making a larger contribution to low-carbon development needed both in the EU and beyond.

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