The European Investment Bank’s ‘Quantum Leap’ to Become the World’s First International Climate Bank
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | https://doi.org/10.17645/pag.v9i2.3921 |
Resumo: | 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. |
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The European Investment Bank’s ‘Quantum Leap’ to Become the World’s First International Climate Bankclimate change; climate finance; European governance; European Green Deal; European Investment Bank; European UnionIn 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.Cogitatio2021-05-27info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://doi.org/10.17645/pag.v9i2.3921oai:ojs.cogitatiopress.com:article/3921Politics and Governance; Vol 9, No 2 (2021): Reforming the Institutions of Eurozone Governance; 185-1952183-2463reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAPenghttps://www.cogitatiopress.com/politicsandgovernance/article/view/3921https://doi.org/10.17645/pag.v9i2.3921https://www.cogitatiopress.com/politicsandgovernance/article/view/3921/3921Copyright (c) 2021 Helen Kavvadiahttp://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessKavvadia, Helen2022-10-21T16:03:54Zoai:ojs.cogitatiopress.com:article/3921Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:13:48.193657Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
The European Investment Bank’s ‘Quantum Leap’ to Become the World’s First International Climate Bank |
title |
The European Investment Bank’s ‘Quantum Leap’ to Become the World’s First International Climate Bank |
spellingShingle |
The European Investment Bank’s ‘Quantum Leap’ to Become the World’s First International Climate Bank Kavvadia, Helen climate change; climate finance; European governance; European Green Deal; European Investment Bank; European Union |
title_short |
The European Investment Bank’s ‘Quantum Leap’ to Become the World’s First International Climate Bank |
title_full |
The European Investment Bank’s ‘Quantum Leap’ to Become the World’s First International Climate Bank |
title_fullStr |
The European Investment Bank’s ‘Quantum Leap’ to Become the World’s First International Climate Bank |
title_full_unstemmed |
The European Investment Bank’s ‘Quantum Leap’ to Become the World’s First International Climate Bank |
title_sort |
The European Investment Bank’s ‘Quantum Leap’ to Become the World’s First International Climate Bank |
author |
Kavvadia, Helen |
author_facet |
Kavvadia, Helen |
author_role |
author |
dc.contributor.author.fl_str_mv |
Kavvadia, Helen |
dc.subject.por.fl_str_mv |
climate change; climate finance; European governance; European Green Deal; European Investment Bank; European Union |
topic |
climate change; climate finance; European governance; European Green Deal; European Investment Bank; European Union |
description |
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. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-05-27 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://doi.org/10.17645/pag.v9i2.3921 oai:ojs.cogitatiopress.com:article/3921 |
url |
https://doi.org/10.17645/pag.v9i2.3921 |
identifier_str_mv |
oai:ojs.cogitatiopress.com:article/3921 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
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https://www.cogitatiopress.com/politicsandgovernance/article/view/3921 https://doi.org/10.17645/pag.v9i2.3921 https://www.cogitatiopress.com/politicsandgovernance/article/view/3921/3921 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2021 Helen Kavvadia http://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2021 Helen Kavvadia http://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Cogitatio |
publisher.none.fl_str_mv |
Cogitatio |
dc.source.none.fl_str_mv |
Politics and Governance; Vol 9, No 2 (2021): Reforming the Institutions of Eurozone Governance; 185-195 2183-2463 reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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