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European Investment Bank Sued Over $69 Million Biomass Loan

  • First time ClientEarth has taken a bank to court in the EU
  • NGO alleges that its right to a review was denied by bank
Operations at the Mitsubishi Corp. Gonoike Biomass Power Plant
Photographer: Akio Kon/Bloomberg
Updated on

The European Investment Bank is being sued in the region’s second-highest court over a Spanish loan that climate lawyers contend will damage the environment.

The suit is being brought by the not-for-profit environmental advocacy group ClientEarth, which wants European Union judges to determine whether the EIB breached its own renewable energy-financing criteria. The London-based group said it’s the first time an EU financial institution faces litigation over climate obligations and transparency.