The European Investment Bank fears a “reputational disaster” this year if the EU applies reporting rules that would shatter its climate friendly credentials, according to leaked internal correspondence.
The world’s biggest multilateral lender by assets has branded itself as “the climate bank” and from 2021 phased out all fossil fuel investments from its loan book of more than €500bn.
But in a confidential email to colleagues seen by the Financial Times, the EIB’s head of operations Jean-Christophe Laloux warned of a “major reputational risk” to the bank from new EU sustainable reporting rules, which this year require a taxonomy classifying green investments.