Public Money for Big Oil? EIB Responds to ENI Financing questions

Earlier this month, Bioplastics News published a series of questions addressed to the European Investment Bank (EIB) regarding its financing relationship with the Italian energy company Eni S.p.A. and its subsidiaries, particularly in connection with bio-refinery and biofuel projects in Italy.

The questions sought to clarify the scale of financial cooperation between the EIB and ENI over the decades, the policy rationale behind financing large energy companies, and the types of feedstocks used in projects supported by public financing.

The European Investment Bank has now responded.

The EIB’s Position

In its reply, the EIB emphasized its role as the European Union’s long-term financing institution and explained that all projects it finances undergo standardized appraisal and due-diligence procedures covering financial, technical, environmental, climate, and social considerations.

According to the EIB, projects supported by the bank are also subject to monitoring throughout implementation and until loan repayment.

The bank confirmed that it has recently provided financing to support the conversion of part of ENI’s Sannazzaro refinery into a biofuel production facility. According to the EIB, the project was assessed and approved within its internal framework and is aligned with the bank’s Climate Bank Roadmap and Low-Carbon Framework, as well as broader European Union policies such as RePowerEU and the transport decarbonisation objectives set out in the Renewable Energy Directive.

The EIB also noted that financing provided to large industrial groups does not replace its support for small and medium-sized enterprises, agriculture, and smaller project promoters, which together represent a significant share of the bank’s overall operations.

In addition, the bank stated that, as a matter of policy, it does not support the use of food crops for the production of biofuels.

Historical Financing Questions

Regarding questions about the number of loans or financial agreements involving ENI and its subsidiaries, the EIB indicated that information about all projects financed by the bank is publicly available on its website. These listings include the year of signature, loan amount, and basic project information.

The bank therefore directed readers to its online project database for further details about operations involving ENI.

The Matrìca Bio-Refinery

The EIB also provided a reference to the project page relating to financing granted in 2014 for the Matrìca bio-refinery project, a joint venture in the field of bio-based chemistry.

Further details about that operation can be found on the EIB website.

Remaining Questions

While the EIB’s response provides useful context about its financing framework and confirms its involvement in certain projects, several of the original questions remain open.

These include:

the total number of financing operations between the EIB and ENI since the bank’s creation
the specific feedstocks used in bio-refinery projects supported by EIB financing
the geographic origin and volumes of those feedstocks
the broader macro-economic rationale for directing public financing toward large oil and gas companies

These questions are part of a broader public debate about the role of publicly backed financial institutions in the energy transition.

Some observers argue that supporting large energy companies may help accelerate the transformation of existing industrial infrastructure, while others raise ethical concerns about the use of public financial resources to support companies historically associated with fossil-fuel production.

Bioplastics News will continue to follow developments and welcomes further clarification from the EIB or other stakeholders regarding these issues.

Personal Remarks (My gut feeling)

Please allow me to share a few initial observations regarding the reply received from the European Investment Bank.

First, the level of transparency in this response appears lower than what I have typically experienced in previous exchanges with the EIB. Instead of providing a direct answer regarding the number of projects financed with Eni S.p.A. or the total amount of financing involved, the reply refers to the EIB’s online project database.

While this database contains useful information, it does not allow searches by specific company name, only by broader keywords. As a result, it is difficult to quickly determine the full extent of financial operations involving ENI.

For example, the bank could have simply indicated the approximate number of projects financed over the years and the total value of the financing provided. A statement such as “the EIB has supported X projects involving ENI over the past decades for a total of approximately €X billion” would have provided immediate clarity.

The absence of such a straightforward answer raises questions about (1) the overall transparency of the response; the (2) ‘size of the financing’

A second point concerns the issue of feedstocks used in biofuel production. The reply reiterates the EIB’s policy of not supporting the use of food crops for biofuels, but it does not specify which feedstocks are actually used in the projects financed, nor their geographic origin.

Given the ongoing debate about biofuel supply chains in Europe, greater clarity on this issue would be welcome.

In particular, various studies and media investigations in recent years have raised concerns about the traceability of certain biofuel feedstocks in Europe. Some analysts have questioned whether certain materials labelled as waste or “used cooking oil” may in some cases originate from virgin vegetable oils entering the market through complex supply chains.

You can find the initial questions addressed to EIB here:

Public Money for Big Oil? Questions Sent to the EIB About Its Financing of ENI

Full Response from the European Investment Bank (received 16/04/26)

Below is the complete reply received from the European Investment Bank in response to the questions sent by Bioplastics News.

Dear Mr. Barrett,

Thank you for your message and for your interest in the activities of the European Investment Bank (EIB).

The EIB is the European Union’s long-term financing institution and provides financing and advisory support to projects that contribute to EU policy objectives. All projects, regardless of sector or size, are subject to a standardised appraisal, due diligence and approval process covering financial, technical, economic, environmental, climate and social aspects. Once approved, EIB-financed projects are monitored through periodic reporting on key technical, financial and sustainability elements until full implementation, with financial monitoring continuing until loan repayment.

The recent financing provided to ENI to support the conversion of part of the Sannazzaro refinery into a biofuel production facility has been assessed and approved within this framework. The project is aligned with the EIB Climate Bank Roadmap and the EIB Low‑Carbon Framework, and contributes to relevant EU policy priorities, including RePowerEU and the EU transport decarbonisation framework set by the Renewable Energy Directive, as well as the regulatory framework for the decarbonisation of hard‑to‑abate sectors. Additional information concerning this operation can be found on the EIB website: https://www.eib.org/en/projects/all/20250665

Concerning your questions about the “loans or agreements involving transfers of money or assets and operations between the EIB and ENI” and its subsidiaries between 2000 and the present, and between 1958 and 1999, please note that all EIB financed projects are published on the Bank’s website including the year of signature, the amount of the loan, and additional details about each operation (https://www.eib.org/en/projects/all/index). Comprehensive information on the Bank’s mandate, policies, governance framework and project appraisal standards is also readily accessible on the official website of the European Investment Bank (www.eib.org).

We would nevertheless like to clarify that financing provided to large industrial groups does not replace or reduce the EIB’s support for SMEs, agriculture and smaller project promoters, which together represent a significant share of the Bank’s operations. Please also note that, as a matter of policy, the EIB does not support the use of food crops for the production of biofuels.

In regards to the Matrica bio-refinery project you are referring to, please find here the project webpage concerning the EIB financing provided in 2014: https://www.eib.org/en/projects/all/20120484

Should you wish to obtain any additional information on a particular EIB operation, kindly specify which project and specific information you would like to obtain, and we will assess your request in line with the provisions of the EIB Group Transparency Policy.

Yours sincerely,

EIB Infodesk Team

European Investment Bank