EIB Group 2023 Sustainability Report Highlights Major Climate Achievements

EIB Group 2023 Sustainability Report Highlights Major Climate Achievements

(IN BRIEF) The European Investment Bank (EIB) released its 2023 Sustainability Report, highlighting major achievements in climate action. EIB-financed projects are expected to cut greenhouse gas emissions by 5.2 million tonnes, equivalent to the carbon footprint of 520,000 European households. The EIB committed €2.7 billion to climate adaptation projects in 2023, more than doubling 2021 figures. The report also details the EIB’s efforts to reduce its internal carbon footprint, achieving an 18.4% reduction in annual gross emissions and a 39% reduction per employee over the past five years. The EIB is on track to meet its 2030 targets, having mobilized €354 billion in green investments from 2021 to 2023 and aligning all new operations with the Paris Agreement.

(PRESS RELEASE) LUXEMBOURG, 25-Jul-2024 — /EuropaWire/ — The European Investment Bank (EIB) has released its 2023 Sustainability Report, showcasing significant strides in climate action and environmental sustainability. The report, which includes data from the European Investment Bank and the European Investment Fund, underscores the EIB Group’s dedication to promoting sustainable development and inclusive growth through strategic investments.

EIB-financed projects reported for 2023 are set to reduce greenhouse gas emissions by 5.2 million tonnes of carbon equivalent, comparable to the annual carbon footprint of approximately 520,000 European households. This demonstrates the substantial environmental impact of the Bank’s financing activities.

In 2023, the EIB committed a record €2.7 billion to climate adaptation projects, more than doubling the figures from 2021. These investments are essential for enhancing resilience against climate change impacts and align with the EIB’s goal of allocating 15% of its climate action financing to adaptation projects by 2025.

The EIB Group’s report, adhering to the Global Reporting Initiative standards, the Sustainability Accounting Standards Board, and the Task Force on Climate-related Financial Disclosures, also includes details on the carbon footprint of its internal operations. For the first time, the EIB provided emissions data for its larger portfolio of outstanding operations, covering investments worth €380 billion across 8,000 finance contracts, which generated an estimated 45 million tonnes of carbon dioxide equivalent emissions in 2023. This includes emissions from fossil fuel projects financed before the EIB ceased such funding in 2019.

Ambroise Fayolle, EIB Vice-President in charge of climate action, stated, “Climate change is the challenge of our generation. Therefore, climate financing has become key in EIB group financing, contributing to making the green transition in Europe a success. This year’s Sustainability Report shows that the EIB has consolidated its position as ‘The EU Climate Bank.’ We are not just supporting clients in their green trajectory; we are also working hard to reduce emissions ourselves.”

The EIB Group has been reducing its carbon emissions from internal activities since 2007, achieving an 18.4% reduction in annual gross emissions and a 39% reduction in net emissions per employee over the past five years. Key initiatives include digitalizing work processes, promoting low-carbon travel, and integrating sustainability principles with business partners.

The report also highlights efforts to combat pollution, support sustainable blue economies, protect biodiversity, and enhance recycling. Green finance has constituted over 50% of the Group’s total investments in the past three years, aligning with the Climate Bank Roadmap commitments. The EIB Group is on track to support €1 trillion in climate and environmental sustainability financing by 2030, having mobilized €354 billion in green investment from 2021 to 2023. All new EIB operations since 2021 are aligned with the Paris Agreement, fulfilling the Group’s climate commitments.

Background information

The European Investment Bank (EIB) Group is the long-term lending institution of the European Union owned by its Member States. It finances sound investment contributing toward EU policy goals, including competitiveness, innovation, sustainable development, social and territorial cohesion, as well as the just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing last year. These commitments will finance over 900 projects and are expected to mobilise around €320 billion in investment, reaching 400 000 companies and supporting 5.4 million jobs.

For more information on the EIB’s sustainability reporting, please consult our webpage.

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SOURCE: European Investment Bank