European Investment Bank drops fossil fuel funding15 Nov 2019 14:06
The European Union is to stop funding oil, gas and coal projects at the end of 2021, cutting €2bn (£1.7bn) of yearly investments.
The European Investment Bank (EIB), the EU's financing department, will bar funding for most fossil fuel projects.
The ban will come into effect a year later than originally proposed after lobbying by EU member states.
Since 2013, the EIB has funded €13.4bn of fossil fuel projects.
Last year it funded about €2bn worth of projects.
Under the new policy, energy projects applying for EIB funding will need to show they can produce one kilowatt hour of energy while emitting less than 250 grams of carbon dioxide, a move which excludes traditional gas-burning power plants.
Gas projects are still possible, but would have to be based on what the bank called "new technologies" such as carbon capture and storage, combining heat and power generation, or mixing in renewable gases with the fossil natural gas.
Continues in article.
More cash will be looking for a home in the renewables space. It's still the first ripples of a tidal wave of divestment but it is growing and growing by the day as more and more organisations make the jump.
https://www.bbc.co.uk/news/business-50427873