EIB Board approves first Group-wide environmental and social policy and backs €3.2 billion new financing for transport, COVID economic resilience and social investment

• €1.3 billion for sustainable transport, renewable energy and water
• €1.2 billion for education, health, housing and urban renewal
• €630 million for private sector investment and COVID economic resilience

The Board of Directors of the European Investment Bank (EIB) today approved plans to further strengthen the EIB Group’s environmental and social policy. On 1 February Board members and EIB management had held their annual meeting with civil society representatives.

“The EIB Group ambition is second to none when it comes to setting high social and environmental standards for all its projects. This week’s constructive discussions with leading civil society experts will help to further strengthen our commitment. Today the EIB Board confirmed our first group-wide environmental and social policy, underlining the EU Bank’s leadership in environmental and social sustainability, as well as in climate action”, said Werner Hoyer, President of the EIB.

The Board also approved €3.2 billion of new financing for 16 projects to support climate action, help businesses deal with the impact of the COVID pandemic and finance sustainable transport and education across Europe and around the world.

Strengthening EIB’s cooperation with civil society

Ahead of the first board meeting of the year the EIB hosted a day of in-depth discussions with nearly 200 NGOs and civil society organisations including dedicated environmental, sustainable transport, energy, conservation, development, sustainable finance and human rights groups.

New EIB sustainability framework approved

The EIB today approved the new Environmental and Social Sustainability Framework (ESSF). As part of the framework, for the first time a Group-wide Environmental and Social Policy outlines the Group’s vision on how to address the environmental and social challenges we are facing and uphold human rights in all of its activities.

In addition, the framework includes a set of revised EIB Environmental and Social Standards, including a new standard on intermediated finance.

Through the Environmental and Social Sustainability Framework, the EIB Group will focus on sustainable and inclusive development, committing to support the transition to economies and communities that are climate and disaster resilient, low carbon, environmentally sustainable and more resource-efficient.

The new Environmental and Social Sustainability Framework follows an extensive public consultation and will apply to all new projects as of 1 March 2022.

Backing €1.3 billion sustainable transport, renewable energy and water investment

Passengers across Europe will benefit from better transport following the EIB backed acquisition of new trains for the Hauts de France and Tours regions of France and new tram-trains in Chemnitz, Germany alongside upgrading key road bottlenecks in Poland.

The EIB also approved financing for construction of 15 large scale solar power plants in Aragon, Castilla La Mancha and Castilla y Leon in Spain.

New water investment across Caribbean islands impacted by climate change will be backed by a new EIB streamlined financing initiative that will both improve climate resilience and enable healthier oceans. The EIB also backed support for investment by smaller and medium-sized water utilities in the Italian region of Veneto.

€1.2 billion for education, health, housing and urban renewal

The EIB agreed to support the renovation and construction of 30 schools across Ireland and a new training centre in Brussels and health investment in France. People living in Warsaw will benefit from new investment to improve social housing and urban investment in German will be accelerate through a new regional municipal financing programme. 

€630 million for private sector investment and COVID economic resilience

Building on the EIB’s strong support for companies impacted by COVID-19 related challenges the EIB today agreed new business financing in Spain and industrial investment in France.

Overview of projects approved by the EIB Board

Public consultation on the EIB Group's Environmental and Social Sustainability Framework and documents.

https://consult.eib.org/consultation/essf-2021-en/