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Europe's mega Bank outlaws gas-fired power plants

The meeting of the Board of Directors began already in the Morning. However, the debate was difficult, and so the Board could decide on Thursday evening. In the end, the vast majority of the new credit policy of the European investment Bank (EIB) agreed to then. The development Bank, the countries belongs to the EU, will support, therefore, from 2022, no gas-fired power plants or pipelines, and more, the climate protection for the sake.

money for coal-fired plants, the Luxembourg Institute – one of the largest banks in the world will not long be available, as well as many other international development banks, such as the world Bank. The EIB is now, but the first of these funding institutions, the outlaws also Gas.

Poland, Hungary, and Romania voting against it

environmentalists are enthusiastic about The club Urgewald calls the decision a "great Signal", the green MEP Michael Bloss from Germany says that the Bank set "standards and presents itself as a pioneer".

But some EU governments, the zeal too far. The Board of Directors, the representatives of Poland, Hungary and Romania voted against the proposal of the Bank management, because you want even longer support for gas projects. The German government was also initially sceptical. The coalition partners CDU and the SPD could not agree in Berlin, first on a line – the result would have been an abstention.

Italy saw the rapid for the Gas are also critical. After the Bank had changed the design slightly, could Rome and Berlin to support the Plan.

Bank promotes the construction of power plants and roads

That was important because Italy, Germany, France and the UK are the largest shareholders of the European investment Bank. They each hold 16 percent of the shares and the voting rights in the Board of Directors. The remaining shares are accounted for by other EU-member countries.

The founded in 1958, the state institution is an important Financier of climate protection projects.

the task of the Bank is to promote with cheap loans for the construction of power plants, roads, or data lines. Small business provides also money, in addition, the founded in 1958, the state institution is an important Financier of climate protection projects.

fear of a loophole

the Gasfreunden of the Board of Directors to meet, suspended the Management of the energy carrier to a year. Originally should be the end of 2020 final, now it is the end of 2021. The Bank, however, no new funding applications, and more. Only projects that are already checked, you can give the money to the house until December 2021 free. Exceptions are only provided for gas-fired power plants, which emit very little greenhouse gases discharge. The limit is set so low that it will not be reached with existing technology.

in Addition, to be invested by the Bank in Pipelines, if this climate-friendly gases, such as water to transport the fabric. Environmentalists warn, however, countries could use this provision as a loophole to get more cheap loans for Pipelines that guide even natural gas. The Green members of the European Parliament Merely says that he will consider the clauses "critical".

Soon, half of the loans to green projects

A further concession of the Bank, green power projects to promote still more generous than already was intended. To simplify the farewell to gas-fired power plants. The Bank plans to seek to invest in a big way in green energy and climate protection. By 2025, half of the credit should go to green projects – the share would double to almost.

The EU-the Institute takes on projects, but only the role of the Co-Financiers.

to mobilize in Addition, the Bank's President, Werner Hoyer, formerly German Secretary of state promises, in the ten years from 2021 to 2030, a total of a trillion euros for climate - and environment-friendly projects. The 100 billion Euro per year.

The Institute takes on projects, but only the role of the Co-Financiers. It would be 30 to 35 billion euros a year in cheap loans for green investments, the remaining 65 to 70 billion Euro in taxes, then by other lenders, such as commercial banks.

stop Gaskrediten is only the beginning

Hoyer, the European investment Bank are now pursuing "the most ambitious climate-Investment-strategy" of all the state banks in the world. It was a giant step for the Institute.

A giant step the policy is expected to: Ursula von der Leyen, the designated President of the EU Commission, wants the investment Bank in the "Bank of Europe" to transform, she says. The one trillion Euro Investment in green projects is an important part of their pledge to make the EU a pioneer in climate protection. The end for Gaskredite is for the EIB, therefore, is only the beginning.

Created: 22.11.2019, 20:57 PM

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