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.
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.
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.
When it comes to making decisions on expensive and complex energy infrastructure, investors, governments, and companies look decades into the future. Unfortunately for action on climate change, the IEA’s World Energy Outlook has a strong status quo bias.
A new report debunks the myth that natural gas can be a bridge to a clean, affordable energy future and warns policymakers to “avoid picking gas as the winner” in the transition to clean energy.
Gas is dirty, expensive, and unnecessary – so why is the fossil fuel industry calling it a ‘bridge fuel’? Our new report unpacks and debunks the enduring myth that gas can form a ‘bridge’ to a safe climate.
This report unpacks and debunks the enduring myth that gas can form a bridge to a decarbonized future. As the global crisis intensifies while the production and consumption of gas soars, it is clearer than ever that gas is not a solution to the climate crisis.
The Trump Administration is redoubling its assault on the climate. Part of that is trying to redefine fossil fuels as “molecules of U.S. freedom” and “freedom gas.”
The world’s largest oil exporter has signalled that it is investing in the world’s largest shale play. And that can only be further bad news for the climate.
Monday, May 6 was a big day in Oregon in the fight against fossil fuels. In a big win for water and our climate, the Oregon Department of Environmental Quality (DEQ) delivered a potentially fatal blow to the Jordan Cove LNG project and the Pacific Connector fracked gas pipeline.