HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » Climate Change: EU Bank T...

Thu Nov 14, 2019, 07:09 PM

Climate Change: EU Bank To Stop Fossil Fuel Lending

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



'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







8 replies, 539 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 8 replies Author Time Post
Reply Climate Change: EU Bank To Stop Fossil Fuel Lending (Original post)
appalachiablue Nov 14 OP
JudyM Nov 14 #1
appalachiablue Nov 14 #2
alwaysinasnit Nov 14 #3
Nitram Nov 14 #4
Gumboot Nov 14 #5
Duppers Nov 15 #6
BlueMTexpat Nov 15 #7
appalachiablue Nov 15 #8

Response to appalachiablue (Original post)

Thu Nov 14, 2019, 07:19 PM

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to JudyM (Reply #1)

Thu Nov 14, 2019, 07:37 PM

2. A terrific achievement, keep it going

Reply to this post

Back to top Alert abuse Link here Permalink


Response to appalachiablue (Original post)

Thu Nov 14, 2019, 07:40 PM

3. K&R Thanks for posting.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to appalachiablue (Original post)

Thu Nov 14, 2019, 10:24 PM

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

Reply to this post

Back to top Alert abuse Link here Permalink


Response to appalachiablue (Original post)

Thu Nov 14, 2019, 11:23 PM

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.




Reply to this post

Back to top Alert abuse Link here Permalink


Response to appalachiablue (Original post)

Fri Nov 15, 2019, 03:06 AM

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to appalachiablue (Original post)

Fri Nov 15, 2019, 08:23 AM

7. This is great news!

Thanks for posting!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to BlueMTexpat (Reply #7)

Fri Nov 15, 2019, 01:02 PM

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

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread