October 31, 2012 Mr Werner Hoyer, President of the European Investment Bank European Investment Bank 100, Bd Konrad Adenauer L-2950 Luxembourg Luxembourg
Dear Mr Hoyer,
To date the EIB has made good progress in increasing the amount of low carbon investment it undertakes, reaching 30% of the overall portfolio in 2011. However, we note that on September 20th 2012 questions were posed to you by members of the Economy and Monetary Affairs Committee at the European Parliament regarding the European Investment Bank’s future role in financing coal-fired power plants. We also note that in response you stated that the EIB might have a role to play in supporting coal investments, and that this reflected the often contradictory needs and positions of the Member States. We find this alarming. Research recently published by world-renowed climate science expert Dr James Hansen indicates that the planet is warming much faster than anticipated. This year alone we have seen the lowest levels of Arctic ice coverage ever recorded combined with the most widespread drought in the USA in 50 years, record wildfires and thousands of temperature records broken. Europe has been a global leader in tackling climate change. In December 2007, 27 Member State Governments endorsed the Europe 2020 Strategy which set out 2020 targets to: • reduce carbon emissions by 20%; • increase energy efficiency by 20%; and • ensure 20% of electricity generation is from renewable sources.