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posted by Fnord666 on Sunday November 17 2019, @11:23AM   Printer-friendly
from the climatic-decisions dept.

The European Union's investment arm said Thursday it will stop funding fossil fuel projects from 2022 as part of a new strategy aimed at fighting climate change, in a decision environmental campaigners hailed as a "significant victory".

The European Investment Bank, the world's largest multilateral lender, had been criticised by climate groups for funding gas projects that potentially threatened the EU's commitment to the Paris climate goals.

But despite gas proving a potential sticking point, the EIB's board of directors—composed of state representatives and the European Commission—approved the new energy policy on Thursday.

"We will stop financing fossil fuels, and we will launch the most ambitious climate investment strategy of any public financial institution anywhere," EIB President Werner Hoyer said in a statement.

The EIB said the new energy plan would also "unlock" one trillion euros ($1.1 trillion) of climate action and environmentally sustainable investment over the next decade.

[...] Nineteen EU member states including France and Germany voted for the new policy, according to Greenpeace and the World Wildlife Fund (WWF).

But three countries—Poland, Romania and Hungary—voted against, wanting more flexibility for gas funding, as did Estonia, Lithuania, Cyprus and Malta, which abstained.

Austria and Luxembourg also abstained, objecting to nuclear power being eligible for funding under the new policy, Greenpeace and the WWF said.

The European Commission said it supported the new policy, and it voted in favour.


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  • (Score: 2) by Coward, Anonymous on Monday November 18 2019, @07:42PM

    by Coward, Anonymous (7017) on Monday November 18 2019, @07:42PM (#921642) Journal

    That is a nice map, but I didn't see the price, just CO2 intensity. I assume you're right that it says 50 Euro / MWh somewhere, but perhaps you are confusing propaganda with reality. The costs of renewable energy are easy to obfuscate with accounting rules because of subsidies and the need for back-up generation when renewable production is low. What the end-user pays de-obfuscates the accounting.

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