Please invest in Our Daily Planet today, by making a one time or monthly contribution.
We do not charge our readers a subscription fee for our content. We want to continue to grow our readership, particularly among millennials and public servants. Voluntary contributions from readers will help us employ interns and freelance journalists, expand our content, and reach a larger audience.
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.”
Today is World Environment Day. As you read this, it is clear that globally we are at a crossroads and that the inequities we see at home are also reflected across the broader planet. The pandemic has instigated a moment to re-examine our relationship with nature and the planet’s resources.
Why This Matters: Most of the world is moving ahead on this reset they see conserving nature and economic development as consistent
The Senate Democrats’ Environmental Justice Caucus laid out in a letter on Monday their vision for the next round of economic stimulus funding and the benefits in their proposal are intended to address the inequities of the virus’ impacts on the poor and minorities.
Why This Matters: These 16 Democrats are speaking up on behalf of members of low income, rural and communities of color (known as an environmental justice or frontline communities) who are especially vulnerable to the virus and don’t have access to quality health care that could vastly improve their chances of recovery.
Our Daily Planet is your daily dose of the stories shaping our world and the ways that you can take action. From the climate crisis to the protection of biodiversity, if these issues matter to you then please subscribe & stay informed!
Your privacy is Important! We promise never to use your email address to send you spam or advertisements.