Europe needs to acknowledge that its future is no longer with fossil fuels, said the President of the European Investment Bank as he presented the bank’s 2020 results on Wednesday (20 January).

“To put it mildly, gas is over,” Dr Werner Hoyer said at a press conference on the EIB’s annual results.

“This is a serious departure from the past, but without the end to the use of unabated fossil fuels, we will not be able to reach the climate targets,” he added.

The EU aims to reach net zero emissions by 2050 and is expected to adopt a new carbon reduction target of -55% for 2030. However, gas has remained a grey area, with the  European Commission saying it will still be needed to help coal-reliant EU member states transition away from fossil fuels.

Under their climate bank roadmap published in 2020, the EIB plans to use 50% of its activity to support climate and environmental sustainability, unlocking €1 trillion for green funding by 2030. It will also ensure that all activity is aligned with the Paris Agreement.

EU bank approves €1 trln green lending plan

European Union governments approved a €1 trillion […]