I’m writing from the halls of COP 24, the United Nations climate talks taking place in Poland. Over the last ten days, our team has suited up for meetings and panels with senior staff of the world’s biggest public banks, pushing them to stop funding fossils. But we’ve also protested loudly in the streets and corridors, demanding these institutions show the real climate leadership we need to avoid the worst impacts of climate change.
Now, we need your help to amplify that demand, because the European Investment Bank (EIB) – the world’s largest multilateral lender – is in a position to finally end its financing of fossil fuels.
Tell the European Investment Bank to stop funding fossils.
The EIB, which uses public money to finance tens of billions of dollars in energy projects each year, will begin a formal review of its energy lending strategy next month. Last week, we held a protest asking the EIB to stop funding gas projects, and later in the day the bank joined other multilateral banks at COP 24 and promised to align its finance with the Paris Agreement on climate change.
It’s up to us to tell the EIB that aligning with Paris means no more taxpayer-backed finance for gas, oil, and coal. If the EIB sets a clear example, these other giant public banks will follow its lead – so this is a crucial moment to raise our voices.
In one of the panels we helped organize at COP 24, a representative from the EIB said that the bank wouldn’t advise anyone to invest in new gas infrastructure, because renewable energy costs are dropping so quickly.
Let’s tell the EIB to heed its own advice and end handouts to the fossil fuel industry.
Dziękuję (“thank you” in Polish!),
Oil Change International