Money will be redirected to clean energy innovation, efficiency and renewables
The European Investment Bank will cease lending for fossil fuel projects in two years, officials announced late yesterday.
The EIB board of directors adopted the plan after heated debate, with some countries objecting to the inclusion of natural gas in the lending ban. The shift is the boldest measure taken against fossil fuels by a development bank to date, and it may pressure other financial institutions to follow, such as the World Bank and the Asian Development Bank.
The new policy means that EIB will cease issuing loans for projects aimed at coal, oil and natural gas infrastructure. The move takes effect at the end of 2021, officials said, allowing enough time for projects underway to be completed….
Projects such as military deployments and forced vaccinations perhaps? But I’m sure they’ll be exempt anyway.
Since all money is created by bank loans, you can see the effect this will have over time. Slow strangulation of carbon-based energy production, with no comparable energy alternatives available.