Greenpeace Central and Eastern Europe press release
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Luxembourg, 17 November 2021 – Activists have rebranded the headquarters of the European Investment Bank (EIB) in Luxembourg, ahead of a meeting of the bank’s board of directors today.
Ten activists placed a 3×7-meter sign on the building that reads: “European Greenwashing Bank”, accompanied by 2×2-metre inflatable cubes displaying the same message. The activists are denouncing EIB hypocrisy and greenwash, as the bank continues to fund climate-killing projects and companies, while at the same time claiming it is doing its part to protect the climate.
Greenpeace finance campaigner Piotr Wojcik said: “How can the EIB claim to be the EU’s climate bank when it is still funding some of the dirtiest companies in Europe and supporting the destruction of a centuries-old forest to make space for a motorway? These climate wrecking projects and the bank’s greenwash have to end now. The EIB, under President Werner Hoyer’s watch, is a public institution bound by the Paris climate agreement’s goal to limit global heating to 1.5°. It has to walk the talk, close all back doors allowing financing for major polluters, and do its part to stop the climate crisis. There is no excuse for the EIB to continue funding fossil fuels, motorway expansion, and industrial farming.”
The bank still finances climate-damaging projects, including fossil gas projects under the Projects of Common Interest (PCI) list and those related to existing gas infrastructure. The EIB has failed to blacklist major polluters like fossil fuel utilities, such as PGE in Poland, the biggest greenhouse gas emitter in the country. It still funds motorway expansion, for example the A46 in Germany, which is destroying the centuries-old Dannenröder forest. The bank also supports industrial farming and is failing to vet around a third of all its financing that is channeled by financial intermediaries.
Greenpeace warns that the EIB’s climate roadmap and recent announcements will not put an end to this, leaving many back doors for the bank to keep financing polluting projects and companies. If the EIB continues with business as usual, the consequences of the climate crisis that we are already experiencing, such as floods, droughts and fires, will only get worse, said Greenpeace.
Greenpeace calls on the EIB to fulfil its climate obligations and stop greenwashing. To start, it must stop funding fossil fuel projects, stop supporting carbon-emitting companies by imposing strict climate criteria on its clients, especially intermediaries, and revise its transport policy to end funding for road-building.
Contacts:
Piotr Wójcik – Greenpeace finance campaigner: +48 532 751 517, [email protected]
Mihaela Bogeljić – Central and Eastern Europe communications: +385 92 2929 265, [email protected]
For breaking news and comment on EU affairs: www.twitter.com/GreenpeaceEU
Greenpeace is an independent global campaigning network that acts to change attitudes and behaviour, to protect and conserve the environment and to promote peace. We do not accept donations from governments, the EU, businesses or political parties. Greenpeace has over three million supporters, and 26 independent national and regional organisations with offices in more than 55 countries.
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