The European Investment Bank’s ‘Quantum Leap’ to Become the World’s First International Climate Bank
Bibliographic Data
| ID | 13054090 |
|---|---|
| Authors | Helen Kavvadia (0000-0002-7109-5866, University of Luxembourg, corresponding author) |
| Year | 2021 |
| Volume | 9 |
| Issue | 2 |
| Pages | 185-195 |
| Publication date | 2021-05-27 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Politics and Governance (JOURNAL) |
| Journal identifiers | ISSN: 2183-2463 • E-ISSN: 2183-2463 |
| Publisher | Cogitatio (PUBLISHER • PT) |
| DOI | 10.17645/pag.v9i2.3921 |
| OpenAlex | W3167504644 |
| Language | EN |
| Citations received | 6 |
| References cited | 12 |
In November 2019, the European Investment Bank (EIB) announced its ‘metamorphosis’ into a ‘Climate Bank.’ Associated with the EU’s Green Deal, presented a month later, the EIB claimed to be the first international climate bank and a front runner in the EU’s priority climate agenda. The EIB is mandated through the treaties to support EU policymakers. However, with its ‘makeover,’ the EIB also announced the launch of a new climate strategy and energy lending policy, ending fossil fuel financing after 2021. It is thus valuable to examine the question of whether the EIB has developed into a policymaker, and if so, how this can be best understood. In exploring this question, this article follows a principal-agent approach, attempting to discern the rational interests behind organisational rhetoric and posits that the EIB’s claimed transformation hints at a type of policymaking activism, exploiting a policy window to serve the EIB’s rational interests in a strained political and market contest. This represents a paradigm shift in the EIB’s institutional behaviour and rhetoric within the EU governance constellation and is, in fact, in this sense a ‘quantum leap’ as suggested by the EIB. However, it remains to be seen if the bank’s metrics will prove a bold departure from their current activity or simply another adaptation to a policy field of intense interest to the EU, as has occurred on several occasions in the past
CONTEST · Corporate governance · Economics · Economy · Investment banking · Political economy · Political science · Rhetoric · European Union Policy and Governance · Law · Policy Transfer and Learning · State Capitalism and Financial Governance · Finance
How “just” is the “just transition”? A regional analysis of climate finance in the European Union
Unravelling the European Investment Bank’s pivot to a climate bank through its business model. Game change or name change
Reforming the Institutions of Eurozone Governance
Fiscal Capacity Revisited
From crisis to geopolitical actor
In the green trenches
Asian Infrastructure Investment Bank
The European Central Bank and the German Constitutional Court
The European Investment Bank as Policy Entrepreneur and the Promotion of Public-Private Partnerships
Financing utilities
Building a hidden investment state? The European Investment Bank, national development banks and European economic governance
Delegation, agency, and agenda setting in the European Community
Supranational Activists or Intergovernmental Agents
| Unique citing works | 6 |
|---|---|
| Citations per year | 1.2 |
| Citation span | 2021 - 2026 (6) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 6 |