Today, EU member states will decide the energy policy of the European Investment Bank (EIB) and whether it phases out fossil fuels. Solar Heat Europe is one of the organisations that endorses the letter that 30 businesses, investment groups and scientific institutions sent to the European Investment Bank, calling on it to deliver on its recent proposal to stop investing in fossil fuel projects by the end of 2020.
Solar Heat Europe requests to stand firm on its decision to halt fossil fuel investments by the end of 2020 because we have a unique opportunity to finally shift to a low carbon economy and to prevent further climate deterioration.
The signatories of the letter (which include the Potsdam Institute, We Mean Business, UNPRI, The Corporate Leaders Group) join The Club of Rome in recognising that the EIB’s pledge to pull out of new fossil energy lending has already sent an important signal to financial markets and institutions across the globe and heralds a changing tide in the flow of global financial capital.
The European Investment Bank is the largest multilateral development bank and its decision will influence how financial markets respond to climate change.
We hope and expect that the EIB will deliver on its plans and swiftly confirm this level of ambition in its policy, in support of the goal of climate neutrality as the target for all future investment decisions of the EIB.