1 Trillion Euros Will Be Withdrawn from Investment in the Oil and Gas Industry

The “Climate Bank” Plan of the European Investment Bank (EIB) Had Been Under Discussion Since Last Year, When It Was Presented as a Sign of the EU’s Intention to Lead the Fight Against Climate Change

The governments of the European Union approved a green “roadmap” of €1 trillion (US$ 1.2 trillion) last Wednesday (09), which will stop financing oil and gas projects and airport expansions, although climate groups have said it did not go far enough. Companhia Energética de Brasília – CEB, has clearance from the STF to go to auction and be privatized

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The “Climate Bank” Plan of the European Investment Bank (EIB) Had Been Under Discussion Since Last Year, When It Was Presented as a Sign of the EU’s Intention to Lead the Fight Against Climate Change.

The €1 trillion is to be spent by 2030 on climate-focused, biodiversity, and sustainability projects.

The bank states that “all financing activities” will also be aligned with the Paris Climate Agreement by the end of this year. “It is a significant contribution to Europe’s role in leading the way toward decarbonization and a green, resilient, and socially inclusive economy,” said EIB President Werner Hoyer in a statement.

Environmental groups had welcomed the EIB’s proposals last year but said the final version had been stripped of some of its original ambition.

Its deadline to stop financing oil and gas projects had been pushed back a year, some other harmful projects would still receive support until 2022, and road construction would also continue. “We are disappointed with the decisions of European governments that adopted this Climate Roadmap,” said Xavier Sol, director of Counter Balance.

“In practice, this means the EIB will not become aligned with Paris by the end of 2020. In light of the climate urgency, this is a lost opportunity.” Nevertheless, groups welcomed the formal recognition of climate change as a priority for the EIB and called the move to stop financing airport expansions a “step in the right direction.”

The EIB is expected to make another small but significant change, formally aligning itself with the Paris Agreement’s commitment to limit global warming to 1.5 degrees Celsius above pre-industrial levels. “COVID-19 is not the only crisis on our hands,” said Hoyer.