After declaring itself a ‘climate bank’, the EU investment bank still financed new roads and airport expansions.
The European Investment Bank (EIB) lent more than €7 billion for new roads, airport expansions and other transport projects that will increase CO2 emissions. That’s according to a new analysis of its transport loan book between 2021-2024 by green group T&E. The loans undermine the EIB’s environmental and climate goals which it adopted in 2021 when it declared itself the ‘EU climate bank’.
Roads
The EIB lent €6.1bn, more than three-quarters of its road infrastructure allocation, to build new roads, the report finds. T&E said building new motorways increases traffic and road transport emissions and is of limited economic benefit in an already well developed road network. (....)