Cash that should be flowing into projects that boost environmental sustainability is instead fuelling outdated carbon-intensive projects like motorways, airports, and fossil-fuel infrastructure, according to a new report on Europe’s investment plan released today
What should have been two significant contributions to Europe’s war chest in the fight against climate change will in fact leave the planet short-changed and open the door to even more polluting fossil fuel projects, argue campaigners at Bankwatch, Friends of the Earth Europe and Climate Action Network Europe.
On the occasion of the EU Sustainable Energy Week, a new Bankwatch analysis shows that the European Investment Bank (EIB) has been effectively hindering Europe's energy transition.
The so-called European Fund for Strategic Investments (EFSI) should unlock additional investment of at least EUR 315 billion over a three year period (2015-2017). One of the projects benefiting from the financing concerns the design, construction, operation and maintenance of about 27km of a motorway around Bratislava. The project will come with high costs, will damage biodiversity and likely not solve local transport problems.
The so-called European Fund for Strategic Investments (EFSI) should unlock additional investment of at least EUR 315 billion over a three year period (2015-2017). One of the projects benefiting from the EU financing is a program that aims to promote energy efficiency in the housing stock through the funding of certain regional/local initiatives supporting energy renovation of private residential buildings in France.
Tasked with stimulating the European economy, the new investment fund may just become an extention of the European Investment Bank’s normal lending with very limited additional (green) finance.
English
Русский
