Fossil fuels are fast losing their social license. It is becoming increasingly evident that countries’ continued reliance on dirty hydrocarbons escalates the climate crisis, worsens air pollution and enables war.
Long touted as a ‘bridge fuel,’ fossil gas now needs to be recognised by policymakers for the hurdle to the energy transition that it is, and multilateral development banks should urgently end support for gas projects and gas-dependent companies.
The energy transition has to be just and fast, with citizens, municipalities and workers as critical participants in the process. We are working to ensure no more public money is spent on coal, and public finance is used to accelerate this transition.
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IN FOCUS
Fossil gas
Fossil gas is the new coal. Although often labelled ‘natural,’ fossil gas is a major driver of the climate crisis. There is no more room for new investments in fossil gas projects if we are to avert the worst impacts of the climate crisis and set a path towards decarbonisation.
District heating
District heating and individual heating are still dominated by fossil fuels and inefficient burning of wood without regard to sustainability criteria, in combination with a low degree of energy efficiency. This has to change, since heating plays a crucial role in the transition into a clean and zero-carbon economy.
Just transition
No one should be left behind when we reconstruct our world into one driven by clean energy. Working on just transition brings all actors who believe in fair regional redevelopment to the same table: unions, industry, public administration, governments, civil society and others sharing this goal.
Documentary: Turning the Tide
Our documentary exposes, for the first time, the extent of financial support four of the world’s leading multilateral development banks (MDBs) – the World Bank, the European Investment Bank, the Asian Development Bank and the European Bank for Reconstruction and Development – have been providing to the global fossil fuels industry over the past 13 years.
Our analysis shows that since 2008, the oil, coal and gas business has been enjoying no less than EUR 81.5 billion in support from these government-owned financial institutions in the form of loans, grants, credit lines and guarantees.
Coal projects
Fossil gas
Fossil gas is the new coal. Although often labelled ‘natural,’ fossil gas is a major driver of the climate crisis. There is no more room for new investments in fossil gas projects if we are to avert the worst impacts of the climate crisis and set a path towards decarbonisation.
District heating
Winters have become a stark reminder that we need to speed up the energy transition. In central and eastern Europe and the Western Balkans, district and individual heating are still dominated by polluting, expensive fossil fuels and other unsustainable energy sources. Europeans deserve warm homes without having to fear exorbitant energy bills, chronic air pollution or an out-of-control climate crisis. More national and local governments need to utilise European public finance to tap the massive potential of various renewable energies to power district heating systems so we heat homes, not the planet.
Just transition
Working on just transition brings all actors who believe in fair regional redevelopment to the same table: unions, industry, public administration, governments, civil society and others sharing this goal. They should be working together to find what is best for their regions and communities, from creating good quality jobs to identifying sustainable alternatives.
Latest news
Hydrogen’s empty promises: How Hungary, Poland and Romania are betting on false solutions
Blog entry | 20 November, 2024Despite the EU’s seemingly unending enthusiasm for hydrogen as a decarbonisation tool, there’s increasing concern over the risks of investing in unproven, inefficient or ineffective production methods and applications.
Read moreWhile the EBRD shows off its green credentials at COP29, its North Macedonia gas pipeline loan still brings more questions than answers
Blog entry | 19 November, 2024The EBRD has made significant investments in solar, wind and energy efficiency in recent years. But these have been undermined by its continued support for fossil fuels. This April, a EUR 98 million loan for the Greece to North Macedonia pipeline was approved, despite major leaks in the Bank’s rationale for supporting it. Recent delays have further exposed the flawed assumptions behind the project, as our new briefing shows.
Read moreRomania’s gas-fuelled climate plan lacks green ambition
Blog entry | 7 November, 2024After missing the legal deadline of 30 June 2024 by four months, Romania has finally submitted its national energy and climate plan (NECP) to the European Commission. However, despite the delay, several critical issues remain unresolved from the draft plan submitted in December 2023.
Read moreRelated publications
Greece – North Macedonia gas interconnector update
Briefing | 19 November, 2024 | Download PDFThis briefing takes an updated look at the Greece – North Macedonia gas interconnector project and concludes that the arguments in favour of the project are still not supported by convincing evidence and that the claimed benefits are highly unlikely to materialise.
Looking beyond the hype: Public funding of hydrogen in central and eastern Europe
Report | 31 October, 2024 | Download PDFThis briefing analyses over-optimism about hydrogen’s role in the central and eastern European Member States – Hungary, Poland and Romania.
Repower the regions: How to make a heating and cooling plan for municipalities. A methodology for creating a sustainable and just plan for district heating decarbonisation
Report | 27 September, 2024 | Download PDFThe methodology proposed in this study for local heating and cooling planning at the local level is supplemented by a set of specific legislative and regulatory recommendations at the state level.
