Gas wins concessions, but EIB makes big step away from fossil fuels

Dutch natural gas processing site from Adobe 15Nov19 229x150
By Jon Hay
14 Nov 2019

In a marathon board meeting that lasted into the evening on Thursday, EU member states have approved a new Energy Lending Policy for the European Investment Bank, ending a dispute over how fast it can cut out fossil fuel financing. Those arguing for gas still to receive financing won substantial concessions, compared with the EIB's first draft of the policy.

The EIB will cease financing all fossil fuel projects at the end of 2021, unless they are "abated" by techniques such as carbon capture and storage, or by the inclusion of so-called 'low carbon' gas.

This is a year later than the Luxembourg-based supranational bank had planned, when it ...

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