EIB projects drive major net emissions reductions, annual Sustainability Report shows

• EIB-backed projects will help significantly reduce greenhouse gas emissions, according to the EIB Group's Sustainability Report for 2023.
• EIB Group continued to lower the carbon footprint of its internal operations.
• Report highlights EIB Group's commitment to climate action and confirms group is on track to meet its ambitious 2030 targets.

The European Investment Bank (EIB) today released its 2023 Sustainability Report, the results of which showcase its achievements in the areas of climate action and environmental sustainability. The report underscores the commitment of the European Investment Bank Group, which consists of the European Investment Bank and the European Investment Fund, to promoting sustainable development and inclusive growth through strategic investments and innovative projects in Europe and globally.

EIB-financed projects included our 2023 reporting will mitigate the emission of 5.2 million tonnes of carbon equivalent - which corresponds to the annual carbon footprint of some 520,000 European households - demonstrating the environmental benefits resulting from the Bank's financing activities.

The EIB committed a record €2.7 billion in new financing for climate adaptation projects in 2023, more than doubling the 2021 figures. These investments are crucial for building resilience against the impact of climate change and align with the goal of dedicating 15% of the EIB's climate action financing to adaptation projects by 2025.

The EIB GroupSustainability Report 2023 outlines the Bank's continued support for sustainable and inclusive growth in Europe and globally. The report is published with a set of sub-reports in line with the Global Reporting Initiative standards, the Sustainability Accounting Standards Board, and the recommendations of the Task Force on Climate-related Financial Disclosures. An additional report details the Carbon Footprint from EIB Group's internal operations.

For the first time, the EIB provided figures about the emissions generated by the larger portfolio of outstanding operations directly financed by the Bank. The EIB assessed the emissions generated from investments worth €380 billion, covering 8 000 finance contracts, which represent around 80% of the EIB assets currently out on loan. Projects covered by those finance contracts are estimated to have generated around 45 million tons of carbon dioxide equivalent emissions in 2023. The emissions stem in part from fossil fuel projects signed before the bank stopped financing unabated fossil fuel energy projects in 2019. Since 2021, all new EIB operations are aligned with the Paris Agreement.

"Climate change is the challenge of our generation. Therefore, climate financing has become key in EIB group financing, contributing to making the green transition in Europe a success," said Ambroise Fayolle, EIB vice-president in charge of climate action and the environment. "This year's Sustainability Report shows that the EIB has consolidated its position as 'The EU Climate Bank'. And we are not just supporting clients in their green trajectory - as our own carbon footprint indicates, we are also working hard to reduce emissions ourselves."

The EIB Group has been tracking and reducing its carbon emissions from internal activities since 2007. In 2023, it continued to lower its greenhouse gas emissions per employee. Over the last five years, the Group cut its annual gross emissions by 18.4% and reduced net emissions per employee by 39%. Key initiatives from the Corporate Climate Programme 2021-2025 include:

• Digitalising work processes, reducing printing and waste and using office space efficiency.
• Encouraging low-carbon travel, improving virtual collaboration to reduce trips, and adopting hybrid/electric vehicles.
• Working with business partners to integrate sustainability and circular economy principles.

The Sustainability Report also highlights actions to combat pollution, promote a sustainable blue economy, protect biodiversity and support recycling. Over the past three years, green finance made up more than 50% of the Group's total investments signed, putting the group on track to meet its first commitment under the Climate Bank Roadmap. The Group is also on track to achieve the second major commitment laid out in the roadmap, which calls for supporting €1 trillion in climate and environmental sustainability financing in the critical decade to 2030. The group has mobilised €354 billion in green investment from 2021 to 2023 cumulatively. Since 2021, all new EIB operations align with Paris Agreement, fulfilling the third commitment of the roadmap.

Background information

The European Investment Bank (EIB) Group is the long-term lending institution of the European Union owned by its Member States. It finances sound investment contributing toward EU policy goals, including competitiveness, innovation, sustainable development, social and territorial cohesion, as well as the just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing last year. These commitments will finance over 900 projects and are expected to mobilise around €320 billion in investment, reaching 400 000 companies and supporting 5.4 million jobs.

For more information on the EIB's sustainability reporting, please consult our webpage.

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