Sustainability as a whip of efficiency and not as a socialist ideology is undoubtedly important and right. A culture of prohibition and renunciation are the wrong paths to sustainability. A more efficient use of resources in order to achieve more freedom and profit without sacrifice is desirable and economically necessary.
However, the reality financed by European states and EU is a different one. Sustainability and “green economy” has become one of the main battle cries of left Wokism. The EU is not always a friend of Israel and “Green Economy” means often Socialism.
In the press release is explained: “Bank Leumi (TASE: LUMI) and the European Investment Bank (EIB) announced today that they have signed a strategic cooperation agreement. Under the agreement, the EIB will provide a EUR 500 million credit line to Bank Leumi.
This will be used to provide credit on preferential terms to SMEs across Israel, including supporting new investment in green and environmental projects. This represents the first targeted support for climate action business financing in Israel by the EIB.
The agreement with the EIB is part of Leumi’s long-term strategy to strengthen support for climate and environmental issues, in which the Bank has set a target for providing green credit totaling NIS 35 billion by 2030. As of year-end 2021, Leumi’s green credit outstanding provided to customers was NIS 12 billion.
In the beginning of 2023, Leumi raised USD 500 million from leading global institutional investors following the issuance of Tier 2 Subordinated Green Notes (CoCo Bonds). The proceeds of the issuance will be used by the Bank to finance eco-friendly projects.
The EIB is the European Union’s investment bank, financing and investing in projects around the globe that achieve the policy goals of the EU. In recent years the EIB has focused on the areas of climate, environment, development of infrastructures and support for SMEs.”
The problematic side, therefore, is that it is European tax money that is passed on to banks to make loans. Combined with the high level of bureaucracy involved in lending in Israel, it seems unlikely that this “green line of credit” will develop the desired power and impetus. Asssumed, we speak about sustainability as an economic and not political concept as it has become in reality.
Due to the tense global economic situation and the consequences of the corona crisis, small and medium-sized companies are less able to request loans for sustainability on the one hand and, on the other hand, to service them consistently if they are promised. It will be seen how many projects are realized in this way.
And the EU has a clear agenda to turn sustainability into an instrument for their woke agenda. “Today, the EIB is considered to be one of the largest financiers of the green economy in the world. The Bank has pledged to invest EUR 1 trillion in climate-related projects by 2030.”, we learn from the press release.
And the press release did not hide the fact that there is a political agenda: “The EIB is the European Union’s investment bank, financing and investing in projects around the globe that achieve the policy goals of the EU.” Well, and some of this goals are very “problematic” to Israel, to say it friendly.
‘Green economy’ has become a catchphrase to smokescreen the reality that Europe has become de-industrialized, has to fight with high energy prices, collapsing infrastructures and political echelon turning woke and left cutting citizen freedom.
Today it seems more a program to install on the one hand a new loyal economic structure, on the other hand to promote a culture of renunication and prohibition for the advantage of a new green ‘nomenclatura’.
So, there is no free lunch and the EU as a political entity has an agenda. The call for sustainability and a green economy seems to be more a license of the EU to intervene in other Non-EU states like Israel.
It is well-established fact, the EU is an ambiguous friend of Israel. Better to watch out, cautious and skeptical, because one of the policy goals of the EU is to disintegrate the State of Israel and to establish another antidemocratic, antisemitic terror state right at our step door.