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.
This new policy is a signal to the wider financial community that the era of fossil fuels is past.
As Extinction Rebellion shuts down parts of London and other major citities, with ironic timing, the UK has approved four new gas-fired turbines against the advice of its own inspectors.
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.
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.