CEE Bankwatch Network together with an external consultancy conducted a rigorous analysis of the energy portfolio of the European Investment Bank (EIB) from 2002 until 2008. This was done in the context of the EU's climate and energy targets. As the EU's bank, the EIB is supposed to promote European objectives.
In spite of the clear evidence of the climate change challenge, and despite the challenge the EU's targets pose for its member states - especially the new member states in the east - the analysis reveals that the EIB continues to heavily support fossil fuels while not increasing the - promising but rather steady - share of lending for renewable energy. Other than the clear implications for climate mitigation, EIB reluctance to date to channel billions into the vast potential for clean energy initiatives in central and eastern Europe is hindering not only energy security but also the creation of new jobs and economic prosperity.