The European Investment Bank (EIB) is the world’s largest multilateral lender, bigger even than the World Bank. As a public bank, it’s tasked with providing finance in the EU public interest, and it has an outsized influence on the EU’s energy system because of the private investment it can “crowd in” and the sheer amount of money it has at its disposal.
There is no room for further financing of fossil gas or any other fossil fuel projects by the EIB. This briefing calls for the new Energy Lending Policy to reflect this reality. The EIB cannot claim to uphold its commitment to align its finance with the Paris Agreement if it continues to finance fossil gas projects.
Yesterday, the European Bank for Reconstruction and Development (EBRD) released a revised draft of its energy sector strategy. The draft of the new strategy is due to be finalized by the end of 2018, and will have bearing on billions of dollars in public finance for energy.
As EBRD and EIB prepare for their respective energy sector strategy reviews, 65 civil society groups from 28 countries released an open letter being sent to top EBRD and EIB officials demanding that they stop financing oil, gas, and coal projects.
If you thought that growing awareness about climate change, coupled with years of austerity and recession, would mean that European drivers would be buying small fuel efficient cars, you would be wrong.
As the West scrambles for a diplomatic solution to the crisis in Crimea, they know that as they try and negotiate with Russian President, Vladimir Putin, he holds one of the aces in the pack: Russian gas supplies to the west.
Despite the ongoing serious concerns about pollution from hydraulic fracturing or fracking in the US, the technology is set to be used in the UK too. Such is the concern in the US that the state of New York has issued a moratorium on the practice. The US Environmental Protection Agency is also currently undertaking … Read More