EIB's Climate Strategy Criticized for Weakening Climate Project Definitions and Supporting Fossil Fuels
The European Investment Bank (EIB) is facing backlash for its climate strategy, which critics say weakens definitions for climate projects and continues to fund fossil fuel-dependent companies. While the first phase of its Climate Bank Roadmap made some progress, the second phase has diluted EU regulations and lacks transparency, prompting advocates to call for a shift towards funding public infrastructure and sustainable alternatives that benefit lower and middle-income households.
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The European Investment Bank (EIB), known as the 'EU Climate Bank', faces criticism for its climate strategy. The first phase of the Climate Bank Roadmap concluded in 2025, achieving some progress but leaving significant work unfinished.
The second phase, running until 2030, has seen a dilution of EU regulations, weakening the criteria for climate projects. The EIB continues to finance fossil fuel-dependent companies and carbon capture and storage (CCS) initiatives, lacking transparency and public oversight.
Advocates urge the EIB to prioritize funding for public infrastructure and essential services, such as housing, energy, and healthcare, over projects that mainly enhance private profits. They emphasize the need for substantial investments in decarbonization and sustainable alternatives in key sectors to benefit lower and middle-income households and vulnerable regions.
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