The EIB energy policy revision process
Publisher: CEE Bankwatch Network
Volume: 3 pages, pdf
Description:
The EIB's energy policy drafted in July 20071 and generally oriented towards the goal of reducing EU greenhouse gas (GHG) emissions 20 percent by 2020 compared to 1990 levels, is currently not yet in line with more recent EU policy developments requiring 80 to 95 percent cuts in GHG emissions and an almost total decarbonisation of the energy sector by 20502 . Moreover the new European Council and Parliament decision to guarantee EIB financing outside the EU stipulates that “the EIB shall, in cooperation with the Commission, present by 2012 a strategy on how to gradually and steadily increase under its external mandate the percentage of projects promoting the reduction of CO2 emissions and phase out financing projects detrimental to the achievement of the EU climate objectives."