More than 70 representatives from 50 civil society organisations gathered at the European Investment Bank (EIB) headquarters in Luxembourg on Tuesday, 15 October 2024, where they met with the EIB Board of Directors for an annual seminar.

The event is an important opportunity for the European Investment Bank to listen to public concerns as it works to improve lives on the ground.

“We are an open-minded institution, as transparent and accountable as possible. We work for each and every EU citizen and their voice in the world. Together, we are unstoppable,” said EIB President Nadia Calviño.

This year’s seminar focused on the theme, Overcoming the barriers to achieving a safe and sustainable future, and highlighted the critical role the European Investment Bank plays in supporting climate action and environmental sustainability worldwide. As the climate bank, the EIB puts the fight against global warming and biodiversity loss at the heart of its activities.

The day kicked off with a fireside chat with Andrew McDowell, director general of EIB Global, the European Investment Bank’s development arm. McDowell stressed EIB Global’s commitment to financing Ukraine’s most urgent needs amid Russia’s ongoing invasion. He also detailed the European Investment Bank’s dedication to transparency in its activities on the ground.

“Boosting sustainable growth in partner countries is not only the right thing to do, it is a business opportunity,” said EIB Global Director-General McDowell. “Our role is ensuring that we enter in win-win partnerships, financing projects that are fully sustainable and address the needs on the ground.”

The fireside chat was followed by a discussion on the topic of “Supporting a new and sustainable green economy in the EU and beyond.” During the session, civil society organisations dialogued about what the European Investment Bank is doing to achieve this goal.

In a speech, Jos Delbeke, professor at the European Institute Florence (EUI) and Katolieke Universiteit (KU) Leuven, highlighted that despite a continued rise in global greenhouse gas emissions, there are signs of an imminent peak, due to a decline in coal consumption combined with a spectacular increase in renewable energy.

“Trade frictions and two wars on the EU’s doorstep have changed the geopolitical context profoundly, not least as far as its industrial sector is concerned. A Clean Industrial Deal has been announced in view of generating a massive investment wave. The purpose is to strengthen the resilience and competitiveness of EU industry, while accelerating its decarbonization. The EIB has a major role to play in this fundamental transformation,” said Delbeke.

Later in the day, civil society organisations raised a number of important issues with board members, including the European Investment Bank’s support in the areas of bioenergy production and financing for critical raw materials. They discussed how the EIB implements and monitors its Environmental and Sustainability Standards, especially in fragile or conflict-affected areas.

Among several other topics, they also called on the European Investment Bank to:

• Diversify its investments into renewable energy sources
• Build upon its existing support for small and medium businesses by making financing more accessible
• Examine the socio-cultural impact of climate change and look for ways to demonstrate opportunities to finance and include culture-based solutions in projects

In a sign of their engagement, participants urged the European Investment Bank to hold more structured, continuous dialogues with civil society organisations, and ensure more inclusive processes, especially when revising the EIB’s Climate Bank Roadmap