Bravo!’ ‘Great News!’: Cheers as European Investment Bank Unveils Proposal to Stop Funding Fossil Fuel Projects by 2020!

Common Dreams – by Andrea Germanos – July 26, 2019

“With this move, the world’s largest multilateral lender is now poised to leave oil, gas, and coal in the past,” says Oil Change International, praising it as “a massive step forward on climate leadership.”

Climate campaigners cheered on Friday after the European Investment Bank revealed a proposal to phase out funding for fossil fuel projects by the end of 2020.

In a nod to activists pushing for a “fossil-free EIB,” the financing institution, which is the lending arm of the E.U., said the climate-friendly plan came after listening “to NGOs, public institutions, and a variety of stakeholders to review our energy lending policy.”

In a draft paper (pdf) on its new energy lending policy dated July 24 and released on Friday, the EIB says:

the bank will phase out support to energy projects reliant on fossil fuels: oil and gas production, infrastructure primarily dedicated to natural gas, power generation or heat based on fossil fuels. These types of projects will not be presented for approval to the EIB Board beyond the end of 2020. While it fully understands the role fossil fuels will continue to play within E.U. energy systems for at least the coming decade, the Bank provides higher additionality by focusing on the longer-term challenge and investment needs of the energy sector. As a result, all the Bank’s activities in the energy sector will be fully aligned with the Paris Agreement.

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Video source: www.youtube.com

Posted by Teri Perticone

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