The momentum towards a world, or a Europe at least, where renewable power dominates was added to this week, when Connie Hedegaard said development banks ought to take “a lead role in eliminating public support for fossil fuels.”
The European Investment Bank (EIB) intends to place stricter CO2 emission standards on coal power plants that it finances, but not as strict as the standards president Obama recently proposed in the US. The EIB is also considering investing in shale gas projects, according to a draft of its new energy lending policy. NGOs accuse the EIB of a “missed opportunity to politically reject coal”. With the EBRD and World Bank also mulling new investment criteria, the battle to “green up” Big Energy Money is heating up.
Continued investment by international public finance institutions in traditional energy projects are hindering the chances of countries in the western Balkans to comply with EU accession requirements, according to a new report.
International financial institutions must phase down their support of fossil fuel-based projects in EU candidate countries to help the states adapt more easily to the bloc's policies, climate commissioner Connie Hedegaard has warned.