EIB signals slowdown in fossil fuel investments

By Andreas Walstad 29 June 2017
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Langage gas power plant in the UK. The EIB will reduce lending to gas and other fossil fuels. (Centrica) Langage gas power plant in the UK. The EIB will reduce lending to gas and other fossil fuels. (Centrica)

The European Investment Bank has said it will reduce investments in fossil fuel-based projects in the wake of the Paris climate agreement, raising questions about future lending to gas and gas-to-power projects. 

Speaking at a press briefing in Luxembourg on Tuesday, bank President Werner Hoyer said the EIB’s energy policy was “source neutral” but that it would keep EU emissions standards in mind when making investment decisions. 

Asked by Interfax Natural Gas Daily whether investments in coal and gas projects would continue as before, Hoyer said that “the fossil fuel part is going down further” while climate friendly investments would increase. 

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