In these days, the European Investment Bank has published the overall 2019 report; inside there is an extract from the “Green Thread” report. It provides a summary of the EIB 2019 work on sustainability and underlines the strategic directives for the next decade.
With this publication, and some others that will follow, we intend to provide some basic abstracts of the EIB strategy, referring to the same EIB or CISA Energy website for consultation of the full integral acts.
EIB CLIMATE ROADMAP AND ENERGY LENDING POLICY
Our new energy policy
By the end of 2021, we will stop supporting conventional fossil fuel projects, such as oil and natural gas production or traditional gas networks.
- We will focus on:energy efficiency, such as building and home renovation, better road lighting and green transport
- energy supplies that don’t cause emissions, which will help Europe achieve its target of getting at least 32% of all energy from renewable sources
- electricity grids that connect new sources of low-carbon energy
- innovation in energy production, storage and use
An inclusive transition
The regions that are most dependent on fossil fuels need more support. Green energy projects will create hundreds of thousands of jobs, but we must pay special attention to regions where coal mines and other carbon-intensive industries employ large numbers of people and support the economy. We must foster training for new careers and give our backing to projects that attract new industries to these areas.
A climate-friendly energy policy can help society. In the European Union, 11% of the population is unable to heat their homes affordably. Millions of people struggle to pay their gas and electricity bills or heat their homes adequately.
Older women suffer the most because they have lower incomes and spend more time at home. If we improve the energy efficiency of housing across the
continent, this will cut emissions, lower energy bills and make lives better.
Similarly, clean urban transport projects provide affordable transport, but also improve the air and society’s health. Investments in climate-friendly farming in regions that don’t have a lot of water will reduce the risks of land becoming deserts and jobs moving away.
- We must support climate projects that help the world meet the Sustainable Development Goals.
- Investing in the fight against climate change can enhance people’s incomes, improve their living conditions and make sure they have enough food and water.
- We can also lower the need to displace homes because of new hazards such as violent weather and flooding.
- We can reduce the number of people who are exposed to climate risks and vulnerable to poverty by between 62 million and 457 million worldwide.
- We will invest in climate change mitigation projects that have a big impact on people. Small-scale, off-grid renewable energy, such as solar-kit homes in rural Africa, brings electricity to people who have never been connected to power lines. Climate change adaptation projects make bridges and roads stronger, so that they don’t wash away during storms and people can still travel to markets or the doctor or work.
- We also need to give individuals the power to change. The EIB will continue investing in sectors that improve society, such as healthcare and education, and we will keep supporting women’s entrepreneurship and giving more people access to loans to launch a new idea or expand a business.