This week the European Investment Bank (EIB), or ‘Europe’s house bank’, presented a concept policy note which outlines future policies on loans in the energy sector provided by the bank. Network organisations CEE Bankwatch and Counter Balance, both of which Both ENDS is a member, monitor policies and investments of the EIB. They find the new proposal very disappointing and have therefore sent a press release. Huub Scheele from Both ENDS, who has been working with our colleagues from CEE Bankwatch and Counter Balance for years, explains why.
The EU is the world's largest "importer of deforestation," due to the huge volumes of unsustainably produced soy, timber, palm oil, and other raw materials that EU member states import. After many years of delay, the European Parliament and the European Council passed a law in December 2023 to address this problem: The EU Deforestation Regulation (EUDR). Both ENDS is part of a broad coalition of organizations that have been pushing for this European legislation. However, there is now a serious delay, and perhaps even postponement, of the law's implementation. Objections have been raised by a number of member states, who are sensitive to lobbying by certain business sectors and producer countries.
This Saturday, November 6, people all over the world will take to the streets again to make a stand for the climate. In the Netherlands, the Climate March will take place in Amsterdam, and of course Both ENDS will join. We call on everyone who is concerned about the climate, to walk along with thousands of like-minded people and make this the largest Climate March in history!
With an overwhelming majority - 643 votes in favour, 20 against and 9 abstentions - a new law, which forces European export credit agencies (ECAs) to be more transparent about the environmental and social effects of transactions supported by ECAs, has just been approved of in the European Parliament. As of next year, all ECAs will have to deliver a report about this to the European Commission and the European Parliament on a yearly basis.
Both ENDS is a member of the ECA-Watch network, which monitors ECAs and stimulates more transparent, sustainable and socially just ECA-supported transactions. Clearly we are very pleased with the current developments and we hope that this will be a first step towards greener and fairer investment policies in the EU.
Today, a week before the international climate summit in Egypt, the Dutch Government has broken a major climate promise it made last year to end public financing for international fossil fuel projects. International and Dutch NGOs argue that the new policy published by the Dutch Government on restricting finance for fossil fuels has such significant loopholes, that it essentially means The Netherlands has reneged on its promise.