Last year it funded about €2bn worth of projects. “If that happens, large portions of our planet will become uninhabitable, with disastrous consequences for people around the world,” he said. The world's thirst for oil will continue to grow until the 2030s, with climate-damaging emissions climbing until at least 2040 and consumers' insatiable appetite for SUVs is a big reason why. Since 2012, the EIB provided €150 billion of finance supporting €550 billion of investment in projects that reduce emissions and help countries adapt to the impacts of climate change. What happens to your body in extreme heat? The Trans Adriatic Pipeline (TAP) will connect with the Trans Anatolian Pipeline (TANAP). I am a reporter focused on the environment, human rights, business, and anything in between.

(Photo by Athanasios Gioumpasis/Getty Images), Impact 50: Investors Seeking Profit — And Pushing For Change. More than 1,500 people working for the project directly in Greece. All rights reserved. On Thursday, the European Commission announced that vehicle tires will have to come with clearer energy labels from 2021, to help consumers choose those that are most efficient. The EIB, which is one of world’s biggest public lenders, loaned 55.6 billion euros ($61.93 billion) in 2018. Copyright 2019 The Associated Press. Furthermore, energy efficiency will be prioritised, along with decentralised energy production, innovative energy storage, e-mobility and impactful investments to support energy transformation outside the EU. EU should drop oil, gas and coal funding, say ministers, Extinction Rebellion: Granddad risking jail for grandson's future. The 2015 Paris climate accord aims to cap global warming at no more than 2 degrees Celsius (3.6 Fahrenheit) by 2100 compared with pre-industrial times. I write about sustainability and EU's environmental policies, December 24, 2016 in Alexandroupoli ,Greece. When the calendar turns over to 2021, fossil fuel companies won't have the European Investment Bank (EIB) to turn to for loans anymore.

“However, the EU's bank will have to ensure the entire phase-out of fossil gas lending. These are external links and will open in a new window. Read about our approach to external linking. I am currently based in Brussels, where I work as a freelancer for Forbes.com and the European data journalist network EDJNet, among other publications, and as a part-time editor at both The Beam and Headquarters. As European Commission President-elect Ursula von der Leyen said she wants the European Green Deal to become Europe's hallmark, the EIB Group will also align with the goals of the Paris Agreement. This prompted Mr McDowell to write a letter to the bank's current 28 shareholders, the EU member states, on 5 November, suggesting pushing back the originally proposed end of fossil fuel lending from the end of 2020 to end of 2021, something the European Commission has lobbied for. Mr McDowell said the bank wants to "set the standard" for what it meant for banks to be aligned with the Paris climate agreement. Despite its tough talk, Germany was one of the countries which had resisted a complete end to fossil fuel funding by the EIB. The Trans Adriatic Pipeline (TAP) will connect with the Trans Anatolian Pipeline (TANAP). Calling climate “the top issue on the political agenda of our time,” Hoyer noted scientists’ warnings that the planet is heading for a 3-4 degrees Celsius (5.4-7.2 Fahrenheit) increase in global average temperature by the end of the century. Today it has decided to make a quantum leap in its ambition,” said EIB President Werner Hoyer. TAP’s longest section, it will start at Kipoi, near the country’s border with Turkey, and finish at its border with Albania, south-west of Ieropigi.

Similarly, the international movement 350.org welcomed the decision and added that campaigners will continue to fight against fossil gas projects. Nuclear fusion is 'a question of when, not if', Clean electricity overtaking fossil fuels in Britain, https://www.bbc.com/news/business-50427873. TAP will be 878 kilometres in length. The new policy, however, will not impact projects currently financed or under appraisal, like the Trans Adriatic Pipeline. Gas projects are fairly common in EU member states as they are seen as a cleaner alternative to coal and oil as countries transition away from using fossil fuels. BERLIN – The European Investment Bank said Thursday that it will stop financing fossil fuel energy projects from the end of 2021 as part of an effort to fight climate change. More than 1,500 people working for the project directly in Greece. The ban will come into effect a … EIB Vice-President Emma Navarro, in charge of climate action and environment, said: “Two weeks before the United Nations climate change conference in Madrid, these decisions send an important signal to the world. “With today's decision to greatly limit lending for fossil fuel projects, the EIB is taking a first step to become the EU's climate bank as promised by the European Commission's president elect Ursula von der Leyen,” Markus Trilling, finance and subsidies policy coordinator at Climate Action Network (CAN) Europe, said. The EU executive estimates that high rolling friction can increase fuel consumption by up to 30%, and more efficient tires could have the same effect as 4 million fewer cars on the roads. Before that, I handled market analysis, visualisations and investigations as Property Week’s data journalist.

The world’s largest international public bank will support €1 trillion of climate related investment in the coming years. The current EU goal is for a 40% cut.

Smoke billows from a plant just outside the French capital, Wednesday, Nov. 13, 2019 in Paris. Conservatives in the German government wanted an exemption for natural gas infrastructure on the grounds that it can help wean countries off more polluting coal. “When the world’s biggest public lender decides to largely ditch fossil fuels, financial markets across the globe will take notice: this is the beginning of the end of climate-wrecking fossil fuel finance,” said Kate Cahoon, Germany Campaigner, 350.org. Trans Adriatic Pipeline construction site in Alexandroupoli, near the village of Amphitrite on ... [+] December 24, 2016 in Alexandroupoli ,Greece. My reporting of migration and politics appeared on various outlets, including Deutsche Welle, Al Jazeera, Euronews, Open Migration and SciDev.Net. Separately, Sweden’s central bank said Wednesday that it has ditched bonds issued by the Canadian province of Albert and the Australian states of Queensland and Western Australia because authorities there are not doing enough to reduce carbon dioxide emissions. The European Investment Bank (EIB), the EU's financing department, will bar funding for most fossil fuel projects. Trans Adriatic Pipeline construction near the village of Amphitrite on the pipeline’s 40th km, out of the approximately 550 km traversing Greek territory. Follow AP's full coverage of climate change issues at https://www.apnews.com/Climate. Its highest point will be 1,800 metres in Albania’s mountains, while its lowest will be 820 metres beneath the sea.TAP will transport natural gas from the giant Shah Deniz II field in Azerbaijan to Europe.