Transport is one of the EIB’s main investment focuses. A 2007 report from Bankwatch, Lost in Transportation , found that between 1996 and 2005 the EIB loaned EUR 112 billion for transport globally, making up approximately one third of the bank’s total investments in the period. Over half of these investments went for road and air transport, the most climate-damaging modes, and in central and eastern Europe 68 percent of the EIB’s transport investments supported these sectors. EIB-financed transport projects in this period included particularly controversial projects such as Heathrow Terminal 5 and the London Underground public-private partnership in the UK; Sofia airport expansion in Bulgaria, and Schiphol 5th runway in the Netherlands.

The car industry dominated the EIB’s lending to the industrial sector, and in central and eastern Europe made up 63 percent of EIB industry investments. The EIB has also made loans to airlines to expand their fleets – most notably, loans totalling EUR 2.9 billion were given to various airline companies between 1996 and 2005 for purchasing Airbus planes. Although it is unknown how much Airbus made as a result of these deals, it is clear that the company benefited significantly.

In October 2007 the EIB updated and disclosed its transport lending policy. On the positive side the EIB looks to be generally stepping back from financing aircraft purchases. However, its climate-damaging investments in road construction and airport expansions look set to continue. Within a month of publishing its new policy on transport, the EIB had already approved financing for widening the M25 motorway around London – 133 290 extra tonnes of CO2 every year are predicted to follow this project’s realisation.