The European Investment Bank: the EU's climate bank?

Abstract

This chapter evaluates the emerging role of the European Investment Bank in the EU’s climate policy landscape. To this end, it first reviews the organizational status and tasks of the EIB in the European Union and situates its role as a public financial institution in the global rise of ‘green finance’. It then moves on to explaining what the EIB means by proclaiming itself the EU’s ‘Climate Bank’, outlining the goals, volume, and functioning of the available financial instruments and resources for climate action. Based on this analysis, the chapter discusses the obstacles and politics of the ‘Climate Bank’ endeavor. While the efficacy of its climate action remains subject to future analysis, the EIB’s institutional position and the heterogeneous interests present in the multilateral bank raise doubts about the scope and effectiveness of the bank’s reorientation.

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