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The European Investment Bank (EIB) in what some called a “game-changer” announced at the end of last week that it will phase out funding for fossil fuel projects by the end of 2021, dealing a major blow to oil and gas companies. Instead, according to The Wall Street Journal, the bank will “use €1 trillion ($1.1 trillion) for climate-change action and environmentally sustainable investment by 2030 and help the EU reach 32% renewable energy across the bloc by 2030.”
At the same time, the Bank announced it will invest €1.5 billion to support renewable energy and energy efficiency projects around the world, “including 15 solar plants in Spain, new wind farms in Austria and Lebanon, and projects in France, Kazakhstan, the South Caucasus region, Latin America and Africa.”
“We will stop financing fossil fuels and we will launch the most ambitious climate investment strategy of any public financial institution anywhere,” said EIB President Werner Hoyer in prepared remarks.
According to The Guardian, environmental groups were pleased even though the EIB’s announcement comes a year later than hoped by climate campaigners. Experts expect the decision to be especially difficult for the natural gas industry because they had more than $200bn in liquefied natural gas projects planned over the next five years. Other fossil fuel companies will also feel the loss — it is estimated that the EIB loaned €6.2m every day to fossil fuel companies between 2013 and 2018.
As one campaigner put it, “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.”
by Natasha Lasky, ODP Staff Writer Though many companies have publicly announced their commitments to achieving net-zero emissions, new research paints a more sobering picture — less than a quarter of the world’s large public companies are on track to meet the goals of the Paris agreement by 2050. In fact, emissions have continued to […]
by Amy Lupica, ODP Staff Writer As President Biden’s long-anticipated virtual Earth Day climate summit begins today, dozens of companies are set to announce significant investments in renewable energy, electric vehicles, and conservation to help the U.S. reach net-zero emissions by 2050. Yet it will be the global financial sector that will be subject to increased pressure […]
Today the Biden administration unveils its American Jobs Plan and it is chock full of actions that will create jobs and address climate change and environmental justice issues. At the same time, the Wall Street Journal reported last night that Presidential Climate Envoy Kerry is traveling later this week to the United Arab Emirates and then on to India.
Why This Matters: Climate policy is central to both the Biden foreign and domestic agendas.
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