EIB restricts – but does not eliminate – coal and other fossil fuel lending
July 24, 2013
Brussels — The European Investment Bank (EIB) announced today an energy policy that while introducing stringent criteria for financing coal power plants does not eliminate the possibility of support for coal or other fossil fuel energy sources.
Policy briefing: New draft energy (read oil, gas and coal) strategy at the EBRD
July 24, 2013
The EBRD’s draft energy strategy doesn’t have a climate target. It recognizes the urgency of climate action and the fact that the energy sector is the largest greenhouse gas emitter and places energy efficiency and renewable energy at the core of the transition to low carbon economies. The low carbon transition appears to be a central theme of the draft strategy but when it comes to the fossil fuels sector, it only translates into a potential slight reduction in coal investments.
The EBRD plans more climate damaging loans in new energy policy draft
July 22, 2013
London – The European Bank for Reconstruction and Development (EBRD) published July 19 a draft (pdf) of its future energy policy. According to CEE Bankwatch Network, although the bank correctly depicts the urgency of transitioning towards low-carbon economies, it falls short when it comes to commitments: lending to fossil fuels is envisaged to continue, including for coal, the dirties of fossil fuels; and promises to support renewables and energy efficiency, though welcome, are not accompanied by persuasive benchmarks and timelines.
Open letter to EIB: Improvements for energy policy draft
July 19, 2013
The letter, signed by nine NGOs, think tanks and an asset management company, acknowledges the positive step the European Investment Bank has taken with its draft policy “EIB and Energy: Delivering Growth, Security and Sustainability” but also suggests a number of elements that need to be tightened to make the EIB’s energy lending policy policy fit for purpose in reducing risks of high-carbon lock-in for the EU electricity system.
New facts are busting energy myths
July 18, 2013
Adequate decision making on energy policies must be based on accurate information and cannot rely on outdated knowledge and misconceptions. A new series of fact sheets explores the myths and facts of Europe’s energy sector.
Bankwatch comments to the EIB draft energy policy
July 9, 2013
The EU’s global leadership on climate change is set to take another blow if the European Investment Bank, the EU house bank and one of the world’s largest public lenders, adopts a future energy lending policy as presented yesterday to the public. The draft policy includes weaker standards for lending to coal plants than currently proposed in both the US and Canada.
Storebrand ditches fossil fuel assets in pursuit of ‘long term, stable returns’
July 8, 2013
Major victory for global divestment campaign as Nordic investment giant excludes 19 fossil fuel companies from its portfolio
Hedegaard urges development banks to divest from fossil fuels
July 8, 2013
Climate Commissioner Connie Hedegaard has called for development banks with a combined annual lending pot of €130 billion to end support for fossil fuels in their energy lending policy reviews.
The EU’s bank is less ambitious than the US in restricting energy from coal
July 5, 2013
It may have been easy in the past for Europeans to bash the US for being retrograde when it comes to climate policies, but after last week it will get more difficult to do that.
EIB cleans up its energy lending policy
July 4, 2013
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.