The European Investment Bank will stop funding fossil fuel projects at the end of 2021, it announced on Thursday, in a landmark decision for the fight against climate change. [...]
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 bans 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.[...]
Still, 93% of Europeans think climate change is a serious problem, according to recent Eurobarometer research. The survey also suggests climate change has overtaken international terrorism as the second most serious concern in Europe after poverty, hunger, and lack of drinking water.
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