The European Investment Bank’s proposal to end financing for fossil fuels by the end of 2020 is a massive step forward on climate leadership. With this move, the world's largest multilateral lender is now poised to leave oil, gas, and coal in the past. 

"Doubling down on new drilling is incompatible with climate leadership, and for the first time we’re seeing a California governor recognize and begin to act on this reality," said Kelly Trout.

Less than 24 hours after declaring a national climate emergency, the Trudeau government approved the Trans Mountain pipeline expansion project (TMX). Our response.

A new analysis released today highlights how European Investment Bank (EIB) financing of fossil fuel projects – in particular gas pipelines and LNG terminals – is not compatible with EU climate commitments or the aims of the Paris Agreement.

We’re glad to hear that the IEA is starting to respond to the growing demands from business leaders, government leaders, and civil society members to align its scenarios with Paris. However, the devil is in the details as to whether or not such a scenario from the IEA should earn our applause, and we must withhold judgment until more details are released.