The European Investment Bank's (EIB) "Climate Bank" plan has 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.

European Union governments approved a €1 trillion ($1,2 trillion) green "roadmap" on Wednesday that would see it stop funding oil and gas projects and airport expansions, although climate groups said it did not go far enough. Companhia Energética de Brasília – CEB, has approval from the STF to go to auction and be privatized

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The European Investment Bank's (EIB) “Climate Bank” plan 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 euros must be spent by 2030 on projects focused on climate, biodiversity and sustainability.

The bank says that “all financing activities” will also be in line with the Paris climate agreement by the end of this year. "It makes a great contribution to Europe's role in leading the way towards decarbonisation 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 ambition.
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Its deadline to stop funding oil and gas projects had moved 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 have adopted this Climate Roadmap,” said Xavier Sol, director of the counterbalance.

“In practice, it means that the EIB will not become Paris-aligned until the end of 2020. In light of the climate urgency, this is a missed opportunity.” Even so, the groups welcomed the formal recognition of climate change as a priority for the EIB and called the move to stop funding airport expansions a "noticeable step by step".

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,” Hoyer said.