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Wednesday, November 20th, 2019

In a major win for the environment, world’s largest bank says goodbye to fossil fuel financing

Author:     Alexandra Jacobo
Source:     Nation of Change
Publication Date:     November 18, 2019
 Link: In a major win for the environment, world’s largest bank says goodbye to fossil fuel financing
Stephan:   Here is some good news about the transition out of the carbon era. The banks may not have the cleanest motives, but whatever their motives they are beginning to recognize that carbon energy is a dying industry.

Environmentalists have a reason to celebrate this week. The European Investment Bank (EIB) announced on Thursday that it will phase out its financing completely for fossil fuels within the next two years.

The bank’s decision to end all financing of oil, gas, and coal projects after 2021 will make it the first multilateral lender to rule out financing for projects that contribute to the climate crisis.

EIB’s board voted on the decision on Thursday. They hope that this step will make EIB, which is the world’s largest multilateral financial institution, the world’s first “climate bank.”

“Climate is the top issue on the political agenda of our time,” said the bank’s president, Werner Hoyer. “We will stop financing fossil fuels and launch the most ambitious climate investment strategy of any public financial institution anywhere.”

EIB’s vice president, Andrew McDowell, went even further, calling this step “an important first step – not the last step, but probably one of the most difficult.”

Environmentalists are praising the bank’s decision. Bill McKibben of 250.org called it a “truly amazing win” and Friends of the Earth Europe Read the Full Article