EU’s lending arm wants more pipelines and the Paris Agreement – it can’t have both

June 18, 2019By Bronwen TuckerBlog Post, Stop Funding Fossils No Comments

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.

New study shows axing fossil fuel subsidies can deliver big climate benefits (but press release says the opposite)

February 7, 2018By Alex DoukasBlog Post, Featured, News

A study published today, by a group led by the International Institute for Applied Systems Analysis (IIASA), indicates that eliminating fossil fuel subsidies could curb global greenhouse gas emissions by as much as 5% through 2030 while saving hundreds of billions of dollars in public money. Despite this seemingly good news, the framing of the study was strangely downbeat, casting these reductions as “only a small effect on CO2 emissions.” What we know from reading the actual findings of this study, as well as several other analyses of the climate impacts of fossil fuel subsidy removal, is that nixing oil, gas, and coal subsidies would be a big win for the climate, would saves money, and could free up resources to help the poorest and most vulnerable.