Cash that should be flowing into projects that boost environmental sustainability is instead fuelling outdated carbon-intensive projects like motorways, airports, and fossil-fuel infrastructure, according to the report "The best laid plans: Why the Investment Plan for Europe does not drive the sustainable energy transition".The report analyses projects approved by the European Fund for Strategic Investments (EFSI) in its first year of operation. The fund should catalyse €315 billion in new investment, and play an important role in the fight against climate change. However, during its first year an additional €1.5 billion was earmarked for fossil fuel infrastructure, and 68% of transport investment is destined for carbon-intensive projects.
The report raises concerns about the European Commission's proposal to extend the Investment Plan for Europe under "EFSI 2.0". Although some support for renewables and energy efficiency is welcomed, deep reforms are necessary if the fund is to guide a sustainable energy transition, according to the organisations.
The report recommends improving both the sectoral and geographical balance of investment, increasing transparency, and putting a clear focus on genuinely sustainable projects.
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