The mandate of the European Investment Bank (EIB) is to further EU sustainable development objectives, including Europe’s 2050 Energy Roadmap, which calls for quickly cutting carbon emissions. On their website, the EIB claims to be "among the largest providers of finance for climate action." But they fail to mention one little detail: They also make massive loans to coal-fired power plants and other dirty energy sources.
So Counter Balance teamed up with the Yes Lab to reveal the EIB's hypocrisy. The day before the Bank was scheduled to have its exclusive annual press conference, the activists sent out a fake EIB press release announcing that the Bank would finally do the right thing and stop financing coal power plants. The story was immediately picked up by business press, and the EIB responded with a denial, threatening legal retaliation.
At the press conference the next day, a Counterbalance agent with journalist’s credentials gained entry to the exclusive event and presented EIB President Werner Hoyer with a stunning award, thanking him and the bank for their commitment to divestment from fossil fuels. If only! Until they change, we’ve all got to suck their second-hand smoke. Thanks, Europe!
Selected Press:
- EIB Fake Site - EIB will exclude all future coal finance as part of its new energy policy
- EU Business - EIB will exclude all future coal finance as part of its new energy policy
- Wind Power Offshore - Offshore wind likely winner from EIB "no coal" rule
- Bloomberg - EIB Says It Hasn’t Made Statement on Energy Lending
- Platts - European Investment Bank loans for coal
- Business Green - European Investment Bank considers legal action over hoax coal statement
- European Voices - A bizarre hoax on the EIB
