Urgent Appeal to Exclude Defense Spending from the Scope of the EIB

The European Commission has presented a European Defence Industrial Strategy (EDIS) to strengthen the EU's military-industrial complex, considering global competition and market challenges. This has led the European Investment Bank (EIB) to be involved in new policy debates for increased spending in the defense industry.

The EIB is preparing to present a plan to expand its investments beyond the current definition of "dual-use", revising the exclusion list that currently prevents funding for military purposes such as weapons and ammunition.

However, 30 European civil society organizations have sent a letter to the EIB urging it to resist requests to increase support to the defense sector. These organizations emphasize that broadening the definition of "dual-use" could make spending on weapons dominant in the EIB's portfolio, and that financing the defense industry with EIB funds should be rejected.

The Bank should prioritize projects that benefit the environment and society, addressing the rising cost of living and the climate emergency, and should reject any attempt to increase funding to the military-industrial complex. The organizations highlight the importance of a fundamental energy transition to achieve climate goals of limiting global warming to 1.5 degrees Celsius, and to support projects that respond to public needs and development goals, while ensuring respect for the rights of local communities, rather than European defense producers.

Last update

10/4/2024