Updated Policy and Standards at the European Investment Bank: a positive step towards animal welfare, but will it be enough?
A crucial inclusion of animal welfare standards
The updated Environmental and Social Sustainability Framework, including Policy and Standards, states that European Investment Bank Group (EIB) will only support “operations that do not significantly harm the environment, do not impinge on the sustainable use of natural and living resources”, specifying that it will require compliance with the “EU animal welfare standards and internationally recognised “Five Freedom” Standard promoting animal welfare“ with regards to farmed animals. This consideration of an animal welfare indicator ought to drive funding for more sustainable projects in particular from animal welfare and environment point of view.
EIB Group funding will comply with EU standards
The compliance with EU animal welfare standards is of particular importance as they must be revised towards stricter considerations aligned with recent scientific developments. In particular, the Standards must be aligned with the updated version of the EU Strategy for the Protection and Welfare of Animals and preferably include a reference to the “Five Domains”. Contrary to the “Five Freedoms” as stated in the current draft of the document, the “Five Domains” shift attention away from the mere “care of animals'' towards their psychological well being – of which physical well being is just one component.
Is ESSF sufficient to end financing of intensive livestock agriculture and protect biodiversity?
The new Framework should ensure that animal welfare standards are considered when assessing environmental, climate and social impacts and risks throughout EIB financed projects. Yet, it fails at fully recognising and addressing the link between climate change, sustainability and animal welfare. We strongly believe that stronger commitments towards the end of intensive livestock agriculture financing should be introduced. This would ultimately promote sustainable development, strengthen climate measures, and preserve public health bearing the antimicrobial resistance in mind. It would also permit for allocation of resources in the most sustainable sectors and projects in the field of food innovation or food waste reduction. Furthermore, the ESSF only provides for requirements with regards to habitat and species conservation in projects within the EU and accession countries. To efficiently tackle the biodiversity crisis, the ESSF should ensure that such requirements are considered in all EIB-financed projects globally.
The EIB Board of Directors adopted the revised Environmental and Social Framework on 2 February 2022.
