Quantcast
Environmental News for a Healthier Planet and Life

Climate Leaders Celebrate as European Investment Bank Chief Declares 'Gas Is Over'

Business
Climate Leaders Celebrate as European Investment Bank Chief Declares 'Gas Is Over'
President of the European Investment Bank Werner Hoyer holds a press conference in Brussels, Belgium on Jan. 30, 2020. Dursun Aydemir / Anadolu Agency via Getty Images

By Jon Queally

Noted author and 350.org co-founder Bill McKibben was among the first to celebrate word that the president of the European Investment Bank on Wednesday openly declared, "To put it mildly, gas is over" — an admission that squares with what climate experts and economists have been saying for years if not decades.


Dr. Werner Hoyer, president of the EIB — the investment bank publicly owned by the European Union's member states — made the comments while presenting a review of the institution's 2020 operations at a press conference in Luxembourg.

Calling a future break with fracked gas "a serious departure from the past," Hoer added that "without the end to the use of unabated fossil fuels, we will not be able to reach the climate targets" to which the EU states — and therefore the bank — have committed.

McKibben and others responded to the comments as the most recent promising signal that the financial world is catching up with the climate science that demands a rapid and profound shift away from fossil fuels.

"President of the EIB, Werner Hoyer, clearly knows what's up," tweeted Oil Change International. "We agree. Time to #StopFundingFossils."

Greenpeace EU also heralded the news and stated: "There's nothing clean about gas — it's not a 'transition fuel' or a 'bridge fuel,' it's a dirty fossil fuel just like coal and oil. It's time to stop bankrolling the #ClimateEmergency and stop public money back gas projects."

According to EurActiv:

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.

Others emphasized what a historic shift the comment represents from even just a few years ago:

While many European climate groups and financial watchdogs have criticized the EU member states and the EIB itself for not moving forward fast enough with proposed reforms to reduce greenhouse gas emissions, Hoyer said Wednesday that the shift away from fossil fuels is paramount and that even the Covid-19 pandemic wreaking havoc across the continent must not act as a roadblock.

"We have achieved unprecedented impact on climate, preparing the ground for much more," Hoyer said in his remarks. "But the risk of a recovery that neglects climate and the environment remains."

"The fight against climate change cannot wait until the pandemic is over," he added. "The [Covid-19] crisis is not a reason to stop tackling the climate and environmental challenges facing humanity."

Reposted with permission from Common Dreams.

Recycling and general waste plastic wheelie bins awaiting collection for disposal in Newport, Rhode Island. Tim Graham / Getty Images

Reduce. Reuse. Recycle. According to The National Museum of American History, this popular slogan, with its iconic three arrows forming a triangle, embodied a national call to action to save the environment in the 1970s. In that same decade, the first Earth Day happened, the EPA was formed and Congress passed the Resource Conservation and Recovery Act, encouraging recycling and conservation of resources, Enviro Inc. reported.

Read More Show Less
EcoWatch Daily Newsletter
The coal-fired Huaneng Power Plant in Huai 'an City, Jiangsu Province, China on Sept. 13, 2020. Costfoto / Barcroft Media via Getty Images

One of the silver linings of the coronavirus pandemic was the record drop in greenhouse gas emissions following national lockdowns. But that drop is set to all but reverse as economies begin to recover, the International Energy Agency (IEA) warned Tuesday.

Read More Show Less
Trending
A grizzly bear killed an outdoor guide in a rare attack near Yellowstone Park. William Campbell / Corbis / Getty Images

A backcountry guide has died after being mauled by a grizzly bear near Yellowstone National Park.

Read More Show Less
Representative Alexandria Ocasio-Cortez (D-NY) re-introduces the Green New Deal in Washington, D.C. on April 20, 2021. Mandel Ngan / AFP / Getty Images

By Brett Wilkins

In the latest of a flurry of proposed Green New Deal legislation, Reps. Cori Bush and Alexandria Ocasio-Cortez on Monday introduced the Green New Deal for Cities Act of 2021, a $1 trillion plan to "tackle the environmental injustices that are making us and our children sick, costing us our homes, and destroying our planet."

Read More Show Less
Offshore oil and gas drillers have left more than 18,000 miles of pipelines at the bottom of the Gulf of Mexico. Drew Angerer / Getty Images

Offshore oil and gas drillers have discarded and abandoned more than 18,000 miles of pipelines on the floor of the Gulf of Mexico since the 1960s, a report from the Government Accountability Office says.

Read More Show Less