Today development banks signed a joint declaration at the first global summit of development banks, Finance in Common. Before the summit, the UN Secretary General, youth climate activists, and over 300 civil society organisations all urged development banks to act to end fossil fuel investments. However, the joint declaration only includes a vague commitment to “consider” ways to reduce fossil fuel investments.
European Development Finance Institutions fall short on climate ambition by allowing continued financing for fossil gasToday, one week ahead of the Finance in Common Summit, the Association of European Development Finance Institutions (EDFI) announced joint ambitions for climate action. The institutions commit to full Paris alignment by 2022 and to end coal and fuel oil financing. For gas finance, they commit to “generally exclude [such finance] by 2030 at the latest”, but leave the room open to gas financing beyond 2030 in certain cases.
If the EU Parliament is serious about the climate emergency, it must vote to reject the Projects of Common Interests (PCI).
This new policy is a signal to the wider financial community that the era of fossil fuels is past.
Over 70 organizations call on the European Investment Bank (EIB) leadership to stand firm behind a draft lending policy that, if adopted, would rule out future fossil fuel financing from the bank.
Over 70 organizations have sent a public letter to European Investment Bank (EIB) leadership, calling on them to stand firm behind a draft lending policy that, if adopted, would rule out future fossil fuel financing from the bank.
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.
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.
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.