Explanation of whether and how the precautionary approach or principle is addressed by the organization

Explanation of whether and how the precautionary approach or principle is addressed by the organization

• Reference Number: 4.11
• Related Status: Reported
• GRI Status: Core GRI Indicator

The EIB aims, in accordance with EU policy on the environment, at a high level of protection based on the application of the precautionary principle, and on the principles that preventative action should be taken, that environmental damage should be rectified at source, and that the polluter should pay.

The EIB considers the need for applying the precautionary principle when there is a risk that a project may cause significant and irreversible damage to the environment. In such cases, measures should be taken by the promoter to avoid the risk in the first place and, if a feasible alternative is not available, to reduce it to an acceptable degree. This applies even where there may not be conclusive evidence of a causal link between the project and its potential negative consequences. The Bank’s aim is to minimise any negative environmental impacts of the projects it finances. Where such impacts are demonstrably unavoidable, the Bank requires the promoter to apply mitigation measures, and for impacts that cannot be fully mitigated, compensation and/or offsets should be implemented, in accordance with the relevant EU directives, such as, those on EIA, nature (Habitats and Birds) and environmental liability.