Over the past four years, the European Investment Bank – the European Union’s house bank – has loaned €48 billion ($62 billion) to energy projects around the world. Indeed, the EIB lends more to the energy sector than to any other, except transport (and its €72 billion total loan portfolio in 2010 made it a bigger lender than the World Bank).Investment on this scale can help countries worldwide to make vital progress on reducing greenhouse-gas emissions at a time when political solutions based on international agreement remain elusive. Unfortunately, the EIB’s lending priorities and energy-investment portfolio are making the problem worse.
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