Climate Change: EU Bank To Stop Fossil Fuel Lending

[appalachiablue]

Source: DW/Deutsche Welle

One of the world's biggest public lenders has said it will stop financing fossil fuel projects from the end of 2021 as part of an effort to combat climate change. Germany was one of the countries which had resisted.

The European Investment Bank (EIB) said on Thursday that its new energy lending policy, which was approved with "overwhelming" support, will bar funding for fossil fuel projects from the end of 2021. "We will launch the most ambitious climate investment strategy of any public financial institution anywhere," the EIB's president, Werner Hoyer, said in a statement.

Energy projects applying for EIB funding will need to show they can produce one kilowatt hour of energy while emitting less than 250 grams of carbon dioxide, a move which bans traditional gas-burning power plants. Gas projects are still possible, but would have to be based on what the bank called "new technologies," such as carbon capture and storage, combining heat and power generation or mixing in renewable gases with the fossil natural gas.

"This is an important first step — this is not the last step," the EIB's vice president, Andrew McDowell told reporters in a call...


Read more: https://www.dw.com/en/climate-change-eu-bank-to-stop-fossil-fuel-lending/a-51258876

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'Beginning of the End of Climate-Wrecking Fossil Fuel Finance': World's Largest Public Bank Ditches Oil and Coal.

*Environmentalist Bill McKibben: "Truly amazing win. The European Investment Bank--largest public bank in the world--will stop lending for fossil fuel projects. Thanks to all who organized so hard for so long!"

More, https://www.commondreams.org/news/2019/11/14/beginning-end-climate-wrecking-fossil-fuel-finance-worlds-largest-public-bank

[JudyM]

1. Sweet!

Overdue, but still sweet. Let’s see if other lenders follow suit...
Would also be great if they’d offer extra-attractive terms for renewable infrastructure.

[appalachiablue]

2. A terrific achievement, keep it going

[alwaysinasnit]

3. K&R Thanks for posting.

[Nitram]

4. The EU is a role model for the rest of the world on climate change response.

[Gumboot]

5. Wow, this is huuuuuge news!

A shame this will not take effect for another two years, but let's hope the domino effect will quickly come into play, around the world.

[Duppers]

6. Did we not sign a petition(s) urging them to move

on this sometime ago?

Well, this is great news! and about f'n time! Besides, they're going to become bad risk sometime in the future.

[BlueMTexpat]

7. This is great news!

Thanks for posting!

[appalachiablue]

8. It's super & more to come! Looks like Europe may lead which is ok.