‘There is overlap’ between EU’s green trillions, says EIB energy chief

(EurActiv, 10 Feb 2020) The European Investment Bank (EIB) decided to scrub its loan books of fossil fuels in 2019 but the lender’s head of energy policy. Andrew McDowell, insists that there is more to the change of direction than ditching coal and gas.

November’s update to the bank’s lending criteria means that the EIB will no longer fund fossil fuels that do not include some form of carbon capture. That is because the Luxembourg-based lender has pledged to align its business with the Paris Agreement and up its green investments.

Building support for the EIB’s new tack was a long, drawn-out process and the eventual compromise still prompted objections from certain countries because of the review’s stance on fossil fuels and nuclear power.

An agreement looked in serious doubt late last year after the bank, faced with objections from Germany in particular, postponed a vote on the new policy. But EIB Vice-President Andrew McDowell managed to steer a deal over the line.

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EurActiv, 10 Feb 2020: ‘There is overlap’ between EU’s green trillions, says EIB energy chief