{"id":2460,"date":"2019-11-14T22:02:23","date_gmt":"2019-11-14T21:02:23","guid":{"rendered":"https:\/\/www.greenpeace.org\/eu-unit\/?p=2460"},"modified":"2019-11-14T22:03:04","modified_gmt":"2019-11-14T21:03:04","slug":"gas-slips-through-as-eib-slashes-fossil-fuel-funding","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/eu-unit\/issues\/climate-energy\/2460\/gas-slips-through-as-eib-slashes-fossil-fuel-funding\/","title":{"rendered":"Gas slips through as EIB slashes fossil fuel funding"},"content":{"rendered":"\n
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Luxembourg\/Brussels<\/strong> – The European Investment Bank (EIB) will limit funding for new fossil fuel projects starting at the end of 2021, but some gas infrastructure will continue to be eligible for financing, following pressure from Germany, Italy, Poland and the European Commission. The decision came as the bank approved its new energy lending policy at a meeting of the board of directors held today in Luxembourg.<\/p>\n\n

Nineteen EU governments supported the policy,\nincluding Germany, France and Italy, while three – Poland, Romania and Hungary\n– voted against, because they wanted more flexibility for gas funding. Six  governments abstained: Estonia, Lithuania,\nCyprus and Malta also wanted easier funding for gas, while Austria and\nLuxembourg objected to the continued eligibility of nuclear power for funding.<\/p>\n\n

While the new policy means the EU will largely\nend support for coal and oil, the continued funding of projects like gas\npipelines until 2021, and the modernisation of existing fossil fuel\ninfrastructure beyond 2021 threatens the EU\u2019s climate commitments. Gas\ninfrastructure could be operational until the middle of the century,\nthreatening pledges by the European Commission and most European governments to\nreduce EU emissions to net zero by 2050.<\/p>\n\n

\u201cAs the\nclimate emergency continues to escalate, Europe cannot afford to waste one more\nday or one more euro on fossil fuels. All fossil fuel funding should be banned,\nincluding for fossil gas. Nevertheless, the bank\u2019s new energy lending policy\nsends a signal to the energy sector and global financial community that the age\nof fossil fuels is coming to an end. We call on other public and commercial banks\nto follow the EIB\u2019s example and go further by ending all fossil fuel funding\nimmediately and without exception,\u201d<\/em> said Piotr Wojcik, finance campaigner with\nGreenpeace<\/strong>.<\/p>\n\n

The EIB published a first draft<\/a> of its new energy\nlending policy on 26 July 2019, which proposed to end all new funding for\nfossil fuel projects after 2020. However, the European Commission and some EU\ngovernments, led by Germany, Italy<\/a> and<\/a> Poland<\/a>, lobbied successfully for\nthe bank to finance more fossil gas and lower carbon fuel projects. As a\nresult, the EIB will still provide funding for fossil power plants which emit\nless than 250g CO2 per kWh of electricity generated (averaged over the lifetime\nof the power plant) and for so-called \u2018low carbon fuel\u2019 projects, such as\nhydrogen and biogas. This last loophole could act as a backdoor to keep old gas\ninfrastructure in operation.<\/p>\n\n

Until the end of 2021, the EIB will also be\nable to fund gas infrastructure projects that are currently being assessed by\nthe bank and some other fossil fuel projects that are yet to be submitted.<\/p>\n\n

Nuclear energy will continue to be eligible\nfor EIB funding, despite soaring costs<\/a>, as the cost of\nrenewable energy continues to fall rapidly.<\/p>\n\n

The EIB will review its energy lending policy\nin two years. This should provide the EIB with the opportunity to close all\nremaining loopholes and earn its credentials as the EU\u2019s climate bank, said\nGreenpeace.<\/p>\n\n

Contacts<\/strong>: <\/p>\n\n

Piotr Wojcik<\/strong>\n\u2013 Greenpeace financial analyst: +48 532 751 517, piotr.wojcik@greenpeace.org<\/a><\/p>\n\n

Greenpeace EU press desk<\/strong>: +32 (0)2 274 1911, pressdesk.eu@greenpeace.org<\/a><\/p>\n\n

For breaking news and\ncomment on EU affairs: @GreenpeaceEU<\/a><\/p>\n\n

Greenpeace is an\nindependent global campaigning organisation that acts to change attitudes and\nbehaviour, to protect and conserve the environment and to promote peace. We do\nnot accept donations from governments, the EU, businesses or political parties.\nWe have over three million supporters, and offices in more than 55 countries.<\/p>\n","protected":false},"excerpt":{"rendered":"

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