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European investment bank loan appraisal, the EU climate bank?

Author

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  • Antoine Ebeling

Abstract

What are the determining factors in the allocation of European Investment Bank (EIB) green investments? Using data describing more than 17,000 EIB loans to European Union (EU) member states from 1960 to 2020, we first break down EIB loans into green, neutral and brown loans. We then provide evidence that EIB green investments tend to be allocated to the most advanced economies, specifically, that green investment is positively correlated with high GDP per capita and increases with national environmental expenditure. Our findings illustrate the dichotomy between economic development and environmental objectives faced by the EIB.

Suggested Citation

  • Antoine Ebeling, 2022. "European investment bank loan appraisal, the EU climate bank?," International Economics, CEPII research center, issue 172, pages 203-216.
    • Handle: RePEc:cii:cepiie:2022-q3-172-13
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    File URL: https://www.sciencedirect.com/science/article/pii/S2110701722000701
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    More about this item

    Keywords

    European Investment Bank; Green investment; Climate policy;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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