For the first time EU Finance Ministers are calling on the European Investment Bank to halt funding of oil, gas and coal projects.
Mika Lintilä, minister of finance of Finland said:
“Since 2013, we have more than doubled our financial contributions to help developing countries reduce their greenhouse gas emissions and cope with the impact of climate change. “
But it is the European Investment Bank that is right in the heart of the so-called European Green deal - an ambitious plan announced by the Commission’s new President.
The EU finance ministers’ call comes as a crucial move in the run up to the COP25, the UN climate change conference. Within the proposed Green Deal - which the new Commission promised to frame within the first 100 days the European Investment Bank will be in charge with financing the transition.
The European Investment Bank is set to turn into European Climate Bank.
"There is a very important aspect of transition. and we have seen that on all protests, not only young people, but also yellow vests," explains Nancy Saich, EIB Chief climate change expert continuing, "If we don’t address people's livelihoods, they jobs, if their jobs are at risk because they are working in coal or they are working in a high emitting industry - if we don’t take that into account and don’t give them opportunities for work and jobs in the future - then we will not be addressing everybody. We have to do this in an inclusive way. And try to leave nobody behind."
93% of Europeans think climate change is a serious problem.
According to the recent Eurobarometer research, climate change has overtaken international terrorism as the second most serious problem after poverty, hunger and lack of drinking water