Global South

After effectively phasing out lending to lignite and coal-fired power plants in its energy policy in 2013, the EIB is now reviewing its climate policy. This joint NGO letter expresses the expectations towards the EIB to align its lending further with climate science and the EU Roadmap 2050 by proposing a genuine strategy for the bank to phase out funding for projects that are detrimental to the climate and to mainstream climate considerations into each and every sector of operations the Bank is engaged in.

According to data compiled by the Natural Resources Defense Council (NRDC), between 2007 and 2013 public financial institutions provided at least $55,7 billion in funding for coal projects abroad. The largest proportion of this comes from national Export Credit Agencies (ECAs) from OECD countries, which have provided at least $32 billion over this period or 58% of total support.

This briefing presents concern regarding the proposal to formalise one set of result measurement indicators for operations inside and outside of Europe. The EIB has worked now since 2012 on a framework for assessing and measuring development results for operations outside the EU called the Results Measurement Framework (REM). After its 2012 capital increase, the EIB began a revision of the Value-Added (VA) assessment of the bank’s operations within the EU and Pre-Accession countries. As a result, the Three Pillar Outcomes Assessment (3PA) was implemented in 2013.

Coinciding with the beginning of international climate negotiations at the COP19/CMP9 in Warsaw and with many observers already questioning the Polish government's ambitions for the summit, Issue 57 of Bankwatch Mail introduces the country also known as Coal-land and finds (among many other things) people protesting (successfully) against the pervasive smell of coal in the air.

If a doctor could prescribe a healthy planet, drastic cuts in greenhouse gas emissions would be on the top of the list. In fact, such a prescription was developed by leading health advocacy organisations and handed over to delegates at the UNFCCC’s COP 15 in Copenhagen. The surprising thing about this prescription is that instead of costing money it actually results in considerable savings.