EIB Board of Directors Seminar with Civil Society 2020

In today’s global environmental context, investment in marginal efficiency gains are dead-end street and tomorrow’s stranded assets

Addressing the critical decade ahead

During the first thematic session, participants were invited to explore how the EU Climate Bank can support the European Green Deal in practice. 

Civil society organisations called on the Bank to keep the momentum of the ELP public consultation to play a leading role in helping other Multilateral Development Banks, public and private banks, as well as its clients in their own transition.

They also highlighted that addressing the critical decade ahead will require going beyond climate action and the energy sector and having a comprehensive approach. The key message was that truly sustainable investments must catalyse transformative change, align with sustainability, and be socially just. 

It is important to invest in people and their own capacities, invest in their local resources and materials, which have long-term economic, social and environmental benefits

Materialising untapped potential

The second thematic session looked at the positive effects on development of protecting and promoting quality employment.

One of the key challenges identified was that the Bank’s investments take place within local institutional settings that largely condition the possibility of quality employment. The discussions identified how the EIB’s labour-related standards can be used as a reference point to develop ambitious initiatives, particularly in relation with gender equality and empowerment. The involvement of civil society in the fine-tuning of these initiatives was seen as especially valuable.
 

The EIB has the opportunity to set the gold standard in terms of climate strategy and Paris Agreement alignment amongst development banks.

Working together

Opened by the EIB’s President, the Policy Dialogue Session was the final pillar of the day and reflected the large diversity of civil society organisations in the room. A high number of Board Members listened to civil society’s suggestions and answered their questions which covered many topics, from deforestation to working with financial intermediaries and from promoting urban cycling infrastructures to implementing a just transition toward a carbon neutral economy.

Among the topics that received the most attention were the alignment of the Bank’s Climate Strategy with the objectives of the Paris Agreement, the Human Rights dimension of the Bank’s assessment of potential projects, and the evaluation of the impact and additionality of the Banks’ activities.