EIB Energy Lending Policy: Stepping closer to a fossil free finance

On November 17, 2019 the European Investment Bank (EIB) announced its new Energy Lending Policy (ELP) and proclaimed it will become the EU #Climate Bank. Sounds great at first glance, but what’s next?  From avoiding a 2 year gas bonanza to making sure we put our money where our mouth is, there are a few key […]

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Reality check: On the European Investment Bank’s willingness to fight fraud

Guest article by Dr. Daniel Beizsley (freelance researcher focusing on corporate crime and organisational malpractice) Over the last few months European Investment Bank (EIB) officials from the bank’s anti-fraud division have published 2 posts on the popular FCPA blog outlining steps the bank takes to prevent prohibited conduct in its operations and on its retroactive […]

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Heating up – The negative impact of development banks supporting geothermal industry in Kenya

Guest article by Lotte Hughes (Independent scholar and historian of Kenya) “My feeling is like this is the end of the world, it is the end of us. Only a rich man can survive here.” Fatuma Hitler, 53-year-old Samburu woman, RAPland village, Kenya Geothermal energy is widely touted as green, clean, and good news for […]

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High time for EU bank to better tackle fraud and corruption in its investments

Last week, dramatic news came from Italy: a state of emergency had to be declared in Venice following dramatic floods – the city was engulfed by 1.87m high water levels. One question now very much on the minds of those affected is why a much-vaunted multi-billion dollar flood protection scheme, known as the MOSE project, […]

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EIB

New investigation reveals how the EU’s Bank fails to tackle fraud and corruption in its investments

19 November 2019 Investments made by the European Investment Bank are wide open to abuse by fraudsters, money-launders and corrupt politicians, according to a damming new investigation by Counter Balance. Although, on paper, the Bank has controls in place to reduce the risk of fraud and corruption, the Bank’s policies are poorly policed and full […]

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World’s largest multilateral bank ends fossil fuels financing

14 November 2019 Brussels, Prague — Bankwatch, Counter Balance and a growing number of civil society groups have long been calling on the European Investment Bank (EIB), the EU’s house bank, to recognise the urgency of stemming the climate crisis and stop handing out public money to fossil fuel projects. Today, November 14, the bank’s […]

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Major gas projects in Romania enabled by regulatory acrobatics

At a time when public calls for tackling the causes of the climate crisis are growing, Romania’s gas industry has been expanding, courtesy of the Parliament and international financial institutions. A new report released today by the environmental group Bankwatch Romania finds that much of the burgeoning gas development in Romania over the past two […]

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Decision on a fossil fuels ban at the EIB postponed once more

Today the European Investment Bank (EIB) decided to again, postpone the long overdue adoption of a new Energy Lending Policy. This delay is mostly due to tensions around the EIB’s proposal to phase out lending to fossil fuels. Several shareholders, including Germany, and the European Commission are pushing back on what would be a precedent […]

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European Commission criticises the EIB’s role as a development bank

The European Commission recently published an evaluation of EIB development operations under its External Lending Mandate during the period 2014-2018. The Commission’s findings confirm our previous assessments and repeated calls for improvements in the fields of transparency, human rights due diligence and development impacts of EIB projects. The European Investment Bank (EIB) has for years […]

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Open letter from NGOs to support a fossil fuels ban at the EIB

Over 70 civil society groups call on European Investment Bank to stand behind proposal to stop funding fossil fuels, and to fight European Commission attempts to undermine ambition Today, over 70 civil society groups spanning dozens of countries – including major international groups – sent a public letter to European Investment Bank (EIB) leadership, calling […]

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Too soon to call the “Juncker Plan” a success – new report

October 1, 2019 Brussels, Prague The EU’s next major investment scheme, succeeding the so-called Juncker Plan, is likely to be central to the ‘European Green Deal’ touted by European Commission President Ursula von der Leyen. But a report released today by watchdog NGOs Counter Balance and CEE Bankwatch Network finds the Juncker Plan has so far […]

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Cast the spotlight on financial injustice to tackle rising inequalities, says new report

26 September 2019 As the international community meets at the UN General Assembly to review progress towards the Sustainable Development Goals (SDGs), a new report launched by Citizens for Financial Justice argues that the increased and unregulated growth of the finance industry has been contributing to deepening inequalities across the world.  Spotlight on financial justice […]

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Gaining control – an MEP toolkit to get the EIB on track

Counter Balance’s new guide for MEPs aims at having parliamentarians monitor the European Investment Bank more closely. The ‘EU Bank’ is the biggest public bank in the world. Last year it spent EUR 65 billion and it is at the heart of investment plans designed at EU level. The bigger the EIB grows, the more […]

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