European Investment Bank drops fossil fuel funding

[Bergslagstroll]

The global movement to stop funding fossil fuel investment is growing. There EU's financing department have announced it will stop will stop funding fossil fuel funding.

"The European Union is to stop funding oil, gas and coal projects at the end of 2021, cutting €2bn (£1.7bn) of yearly investments.
The European Investment Bank (EIB), the EU's financing department, will bar funding for most fossil fuel projects.

The ban will come into effect a year later than originally proposed after lobbying by EU member states."

European Investment Bank drops fossil fuel funding - BBC News

Sweden's central bank, the Riksbank, has also sold government bonds issued by Canadian and Australian states because of their inaction on climate change.

Swedish central bank sells bonds 'for climate reasons' - The Local

There private investors are also acknowledging the urgent need for action.

Banks worth $47 trillion adopt new U.N.-backed climate principles - Reuters

Fossil fuel bosses must change or be voted out, says asset manager | Environment | The Guardian

 

[Mycroft]

 

[PoS]

Yup, seems the EU wants to commit economic suicide to please the climate nuts. If I were the UK I'd get the heck out.

 

[longview]

I have to think that if there is a dollar or Euro to be made, some banker will figure out a way to extract it.

 

[Bergslagstroll]

There are great advancement in renewable energy, battery and other technologies all across the world.

Renewable Energy Costs Take Another Tumble, Making Fossil Fuels Look More Expensive Than Ever

Report: Levelized Cost of Energy for Lithium-Ion Batteries Is Plummeting | Greentech Media

6 Promising Energy Storage Options to Tie into the Grid | Power Electronics

While the evidence is so overwhelming that even fossil fuel companies, federal agencies under Donald Trump and leading Republicans have to acknowledge the urgent need for action.

'''We knew''': Ex oil boss says climate change '''with us forevermore'''

Statements on Paris climate agreement | ExxonMobil

https://nca2018.globalchange.gov/

 

[Bergslagstroll]

Investors put pressure on the IEA.

LONDON/BRUSSELS (Reuters) - Fatih Birol, the head of the International Energy Agency (IEA), faced renewed pressure on Monday from investors and scientists concerned about climate change to overhaul the agency’s projections for fossil fuel demand.

FILE PHOTO: International Energy Agency Executive Director Fatih Birol speaks during the "Rome 2015 MED, Mediterranean dialogues" forum in Rome, Italy, December 11, 2015. REUTERS/Max Rossi
Pension funds, insurers and large companies were among 65 signatories of a joint letter to Birol, seen by Reuters, urging him to do more to support the implementation of the 2015 Paris Agreement to avert catastrophic global warming.


“The year 2020 marks a turning point for the world — the year when we either grasp the challenges and opportunities before us, or continue delaying and obstructing the low-carbon transformation,” the letter said.

Exclusive: Investors step up pressure on global energy watchdog over climate change - Reuters