European Investment Bank accused of ignoring climate impacts of transport
Fri 20 April 2007
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The European Investment Bank (EIB) is failing to consider the impacts of its investments on climate change and, in particular, is failing to consider the progressive goals of the EC White Paper on transport according to a new report by campaign group CEE Bankwatch Network.
The group says that the EIB is not doing enough to promote a decoupling of transport from economic growth and a modal shift from road and air to cleaner options like rail, as proposed in the 2001 EC White Paper.
The CEE Bankwatch Network report says that of €112bn invested by the bank in transport projects worldwide between 1996 to 2005, over half has gone to road infrastructure and aviation (and the proportion is even higher for projects in central and eastern Europe). It also says that of €2.8bn in industrial loans, nearly a third went to car makers - at least three times more than to any other sector.
CEE Bankwatch is calling for the EIB to develop an overarching strategy for its transport investments to ensure it more actively promotes EU transport policy, especially by biasing funding towards urban public transport and rail.
For the press release and full report, follow the adjacent links.
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