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The "EU Climate Bank"? - A study on the environmental commitments of the European Investment Bank and the alignment with the right to a healthy environment

Georg, Emelie LU (2022) LAGM01 20221
Department of Law
Faculty of Law
Abstract
This thesis examines the relationship between international finance and environmental rights, and how the concept of sustainable finance has emerged as a response to climate change and the rapid transition towards a sustainable economy. Multilateral development banks (MDBs) are a key player in the transition to a green economy, contributing to 68% of global climate finance. Thus, MBDs are the majority deliverer of public climate finance. In terms of loan volumes, the European Investment Bank (EIB) constitutes the biggest multilateral lender in the world and operates as the lending arm of the European Union. The EIB has put itself in the centre of the transition to a sustainable economy as it announced itself as the “EU climate bank” when... (More)
This thesis examines the relationship between international finance and environmental rights, and how the concept of sustainable finance has emerged as a response to climate change and the rapid transition towards a sustainable economy. Multilateral development banks (MDBs) are a key player in the transition to a green economy, contributing to 68% of global climate finance. Thus, MBDs are the majority deliverer of public climate finance. In terms of loan volumes, the European Investment Bank (EIB) constitutes the biggest multilateral lender in the world and operates as the lending arm of the European Union. The EIB has put itself in the centre of the transition to a sustainable economy as it announced itself as the “EU climate bank” when adopting its latest environmental strategy, the EIB Group Climate Bank Roadmap 2021-2025 (CBR).

This thesis aims to examine how the EIB has incorporated environmental and human rights concerns into its lending activities, and the alignment of its internal environmental policies with international human rights standards on the right to a healthy environment. To achieve this overarching aim, the thesis examines the human rights obligations to the right to a healthy environment. The unclear human rights obligations on the right to a healthy environment are emphasized, especially focusing on the uncertainties related to international organisations such as the EIB. These uncertainties stem from the distinct and versatile features of the EIB, as it constitutes an EU institution but also an independent MDB, thereby holding characteristics of a private commercial entity. However, a closer examination has shown that the EIB is obliged to fulfil both substantive and procedural obligations related to the right to a healthy environment due to its position as an EU institution. (Less)
Abstract (Swedish)
Den här uppsatsen undersöker förhållandet mellan internationella finansiella institutioner, mänskliga rättigheter och miljö. I kampen mot klimatförändringar har hållbar finansiering lyfts fram som en åtgärd för att stödja skiftet till en hållbar ekonomi. Internationella finansiella institutioner är centrala aktörer i omväxlingen mot en hållbar ekonomi och utgör de främsta tillhandahållarna av offentlig klimatfinansiering, då de bidrar med 68% av den globala klimatfinansieringen. Den Europeiska investeringsbanken är Europeiska unionens finansieringsinstitut och världens största finansiella institution. Den har tagit en ledande roll i omväxlingen mot en hållbar ekonomi och har dessutom utnämnt sig till ”EUs klimatbank” vid införandet av den... (More)
Den här uppsatsen undersöker förhållandet mellan internationella finansiella institutioner, mänskliga rättigheter och miljö. I kampen mot klimatförändringar har hållbar finansiering lyfts fram som en åtgärd för att stödja skiftet till en hållbar ekonomi. Internationella finansiella institutioner är centrala aktörer i omväxlingen mot en hållbar ekonomi och utgör de främsta tillhandahållarna av offentlig klimatfinansiering, då de bidrar med 68% av den globala klimatfinansieringen. Den Europeiska investeringsbanken är Europeiska unionens finansieringsinstitut och världens största finansiella institution. Den har tagit en ledande roll i omväxlingen mot en hållbar ekonomi och har dessutom utnämnt sig till ”EUs klimatbank” vid införandet av den senaste klimatstrategi, EIB Group Climate Bank Roadmap 2021-2025 (CBR).

Syftet med uppsatsen är att undersöka till vilken grad den Europeiska investeringsbankens interna miljöregelverk motsvarar internationella standarder kopplat till rätten till en hälsosam miljö. För att uppfylla syftet börjar uppsatsen med att granskas det internationella regelverket kopplat till rätten till en hälsosam miljö. I uppsatsen framkommer det att internationella organisationers skyldigheter, däribland den Europeiska investeringsbanken, är odefinierade och otydliga. Dessa oklarheter beror främst på den mångsidiga karaktären av den Europeiska investeringsbanken som utgör en EU institution samtidigt som en självständig finansiell institution med egenskaper likt en kommersiell bank. Genom en närmre undersökning kan uppsatsen visa att banken har en skyldighet att upprätthålla internationella standarder kopplat till rätten till en hälsosam miljö på grund av sin ställning som en EU institution. (Less)
Please use this url to cite or link to this publication:
author
Georg, Emelie LU
supervisor
organization
course
LAGM01 20221
year
type
H2 - Master's Degree (Two Years)
subject
keywords
European Investment Bank, the right to a healthy environment, multilateral development banks, international financial institutions, human rights, sustainable finance, the EIB Group Climate Bank Roadmap 2021-2025
language
English
id
9090814
date added to LUP
2022-06-27 16:23:25
date last changed
2022-06-27 16:23:25
@misc{9090814,
  abstract     = {{This thesis examines the relationship between international finance and environmental rights, and how the concept of sustainable finance has emerged as a response to climate change and the rapid transition towards a sustainable economy. Multilateral development banks (MDBs) are a key player in the transition to a green economy, contributing to 68% of global climate finance. Thus, MBDs are the majority deliverer of public climate finance. In terms of loan volumes, the European Investment Bank (EIB) constitutes the biggest multilateral lender in the world and operates as the lending arm of the European Union. The EIB has put itself in the centre of the transition to a sustainable economy as it announced itself as the “EU climate bank” when adopting its latest environmental strategy, the EIB Group Climate Bank Roadmap 2021-2025 (CBR). 

This thesis aims to examine how the EIB has incorporated environmental and human rights concerns into its lending activities, and the alignment of its internal environmental policies with international human rights standards on the right to a healthy environment. To achieve this overarching aim, the thesis examines the human rights obligations to the right to a healthy environment. The unclear human rights obligations on the right to a healthy environment are emphasized, especially focusing on the uncertainties related to international organisations such as the EIB. These uncertainties stem from the distinct and versatile features of the EIB, as it constitutes an EU institution but also an independent MDB, thereby holding characteristics of a private commercial entity. However, a closer examination has shown that the EIB is obliged to fulfil both substantive and procedural obligations related to the right to a healthy environment due to its position as an EU institution.}},
  author       = {{Georg, Emelie}},
  language     = {{eng}},
  note         = {{Student Paper}},
  title        = {{The "EU Climate Bank"? - A study on the environmental commitments of the European Investment Bank and the alignment with the right to a healthy environment}},
  year         = {{2022}},
}