Issue and Opponent: The European Investment Bank had significant investments in coal and had refused to implement a more climate-friendly investment policy.
Dilemma action: Activists, including the Yes Men and Counter Balance, issued a fake press release posing as EIB spokespersons that announced that the EIB would be divesting from coal. The release garnered attention from several global news outlets as real, which then led EIB president Wener Hoyer to announce that the press release was “‘pure nonsense,'” and then announce that the EIB would continue investing in coal, ironically referring to the EIB as a frontrunner in the fight against climate change. At the EIB’s annual press conference, a “Citizen of Europe” (later revealed as a representative of Counter Balance) presented him with an “elegant flower vase shaped like a smokestack,” then stated,”‘I am very pleased to present this award to the European Investment Bank,’ ‘said the citizen,’ ‘to honor your commitment to divest from Coal, and finally commit to real action on climate change.'” The work of the DA was designed to reveal the deep ironies of EIB practices. “The presentation of this award and the hoax press release from yesterday were meant to emphasize the deep contradiction at the heart of the EIB,” explains Berber Verpoest from Counter Balance. “On the one hand, this is the bank of the EU to fight climate change; on the other hand, the EIB has been lending billions to coal, gas, and other fossil fuels, and until last year its dirty energy loans were equal to its support for clean energy. So with the hoax, we wanted to make clear what we expect the future energy policy to look like.”
Outcomes: The initial press release got significant media coverage, ensuring that the EIB response got even more. The threat by the bank of legal action also reflected badly on them. The action raised attention but did not seem to have much of a policy outcome.