EIB mobilized €354 bn in green investment from 2021 to 2023

31 / 07 / 2024

By Marwa Nassar - -

The 2023 Sustainability Report of the European Investment Bank (EIB) said the EIB group has mobilized €354 billion in green investment from 2021 to 2023 cumulatively.

Since 2021, all new EIB operations align with Paris Agreement, fulfilling the third commitment of the roadmap.

The Sustainability Report also highlights actions to combat pollution, promote a sustainable blue economy, protect biodiversity and support recycling.

Over the past three years, green finance made up more than 50% of the Group’s total investments signed, putting the group on track to meet its first commitment under the Climate Bank Roadmap.

The Group is also on track to achieve the second major commitment laid out in the roadmap, which calls for supporting €1 trillion in climate and environmental sustainability financing in the critical decade to 2030.

The EIB Group has been tracking and reducing its carbon emissions from internal activities since 2007. In 2023, it continued to lower its greenhouse gas emissions per employee. Over the last five years, the Group cut its annual gross emissions by 18.4% and reduced net emissions per employee by 39%.

For the first time, the EIB provided figures about the emissions generated by the larger portfolio of outstanding operations directly financed by the Bank.

The EIB assessed the emissions generated from investments worth €380 billion, covering 8 000 finance contracts, which represent around 80% of the EIB assets currently out on loan. Projects covered by those finance contracts are estimated to have generated around 45 million tons of carbon dioxide equivalent emissions in 2023.

The emissions stem in part from fossil fuel projects signed before the bank stopped financing unabated fossil fuel energy projects in 2019. Since 2021, all new EIB operations are aligned with the Paris Agreement.

EIB-financed projects included their 2023 reporting will mitigate the emission of 5.2 million tons of carbon equivalent – which corresponds to the annual carbon footprint of some 520,000 European households – demonstrating the environmental benefits resulting from the Bank’s financing activities.

The EIB committed a record €2.7 billion in new financing for climate adaptation projects in 2023, more than doubling the 2021 figures. These investments are crucial for building resilience against the impact of climate change and align with the goal of dedicating 15% of the EIB’s climate action financing to adaptation projects by 2025.

“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,” said Ambroise Fayolle, EIB vice-president in charge of climate action and the environment. “This year’s Sustainability Report shows that the EIB has consolidated its position as ‘The EU Climate Bank’. And we are not just supporting clients in their green trajectory – as our own carbon footprint indicates, we are also working hard to reduce emissions ourselves.”