European Investment Bank to cut funding for fossil fuels

17 Novembre, 2019, 02:09 | Auteur: Anatole Charbonneau
  • The ban on funding comes into effect a year later than originally proposed after lobbying by European Union member states

The policy comes a year later than hoped by climate campaigners but also limits approvals of new fossil fuel projects before 2021 to projects that are already under appraisal by the EIB.

The European Investment Bank (EIB) has joined other pioneers who have wisely made a decision to invest exclusively in the clean and resilient economy which will allow the world to get to carbon neutrality by 2050 and a sustainable future, he said.

Incoming European Commission president Ursula von der Leyen has made climate change a signature issue, and has pledged to introduce a "European Green Deal" within 100 days of taking office. "When the world's biggest public lender decides to largely ditch fossil fuels, financial markets across the globe will take notice: this is the beginning of the end of climate-wrecking fossil fuel finance".

Proposes a new energy transition package, with the EIB proposing to give up to 75% financing to projects in Member States or regions with a "more challenging transition path".

"But 2021 is still too late if we are to avoid the worst effects of climate breakdown, the EIB needs to reject any fossil fuel projects and close its loopholes for gas, and not wait till 2021", Roche said.

"Beyond financing, it is possible that the debate could start to impact procurement decisions from carbon-intensive projects and portfolios, likely accelerating carbon capture, carbon offsetting and electrification of liquefaction".

The EU is strongly committed to reducing its greenhouse gas emissions that cause climate change.

Andrew McDowell, the EIB's vice-president to blame for vitality, acknowledged: "Right here's a a must have first step - here just isn't the final step".

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The bank warned that if temperatures rose above the Paris goals there would be "disastrous consequences", and "large portions of our planet will become uninhabitable".

The 2015 Paris climate accord aims to cap global warming at no more than 2 degrees Celsius (3.6 Fahrenheit) by 2100 compared with pre-industrial times.

Nick Mabey, the chief executive of the environmental thinktank E3G, said: "Europe is sending a clear signal that it intends to move away from risky fossil fuel investments, toward the climate-neutral future that its citizens want".

Nonetheless, not all environmental teams have been overjoyed.

Greenpeace sounded a note of caution, saying the gas infrastructure built up to 2022 would be operational until mid-century.

The European Investment Bank (EIB), the long-term financing arm of the European Union (EU) focused on sustainable projects around the world, has announced that it will cease investment in fossil fuels projects by the end of 2021. It will fall to 250 grams of Carbon dioxide emissions per kWh from 550 grams previously.

However three worldwide locations - Poland, Romania and Hungary - voted in opposition to, wanting extra flexibility for fuel funding, as did Estonia, Lithuania, Cyprus and Malta, which abstained.

ClientEarth had also written to several German ministries, reminding them of their legal position, and said pushing to keep gas lending in the EIB's policy would breach Germany's legal obligations as well.

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