European Investment Bank (EIB) to End its Fossil Fuel Finance.
Together, the Oil Change International (OCI) Community generated Thousands of Emails and Actions targeting EIB Officials, and they just Announced a Draft Policy that would Phase Out All Fossil Fuel Finance by the End of 2020!
The EIB is the World’s Largest Multilateral Lender with Billions of Dollars, so a Decision like this has Major Implications.
The Final Step is to get Approval from Member State Representatives who make up the EIB’s Board of Directors.
We need to Pull Out all the Stops to make sure the EIB Board Passes this Ambitious Fossil Fuel Phase-Out Policy in its Strongest Form!
Between 2013 and 2018, the EIB Averaged almost €2.5 Billion PER YEAR in Finance for Oil, Gas, and Coal.
In response, Supporters sent Hundreds of Thousands of Messages to EIB Leadership, urging the Bank to Ensure its New Energy Lending Policy Criteria exclude Financing of Fossil Fuels. And it Worked.
Now, the EIB’s Draft Policy states that the Bank will Phase Out Support to Energy Projects reliant on Fossil Fuels, including Production, Infrastructure, Power Generation, or Heat based on Fossil Fuels.
The Policy itself is a Major Victory, and now we just need the EIB Board to Approve it.
It’s time that we End the EIB’s Handouts to the Fossil Fuel Industry.
This Draft Plan is Big News for All of us in our Fight to Solve the Climate Crisis.
But that Fight is nowhere near over and our Push for more Action Continues.
The time is Now to End ALL Fossil Fuel Finance, and this latest Win shows that we’re making serious Progress.
NYC Wins When Everyone Can Vote! Michael H. Drucker