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Gas Is Good but Not Good Enough, Says European Investment Bank

The European Investment Bank will stop backing fossil fuel energy projects in 2021, except those using carbon capture and storage technology or offsets to cancel out their emissions.

The focus of the bank’s energy investment will turn from (unabated) fossil fuels to energy efficiency, storage, grid improvements and e-mobility, among others. Both the World Bank and the European Bank for Reconstruction and Development have stopped backing coal projects but still support gas.

“The EU bank has been Europe’s climate bank for many years. Today it has decided to make a quantum leap in its ambition,” said EIB President Werner Hoyer. “We will stop financing fossil fuels and we will launch the most ambitious climate investment strategy of any public financial institution anywhere.”

The EIB has provided €107 billion ($118 billion) for energy projects in the last 10 years alone, from solar in Senegal to biomass in Ukraine. It’s targeting €1 trillion of climate action and sustainability investments between 2021 and 2030.

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