Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

World's Largest Public Bank Dumps Dirty Coal

Climate
World's Largest Public Bank Dumps Dirty Coal

World Wildlife Fund

The World Wildlife Fund (WWF) gave a cautious welcome yesterday to the move by the European Investment Bank (EIB), the world’s largest public financial institution, to adopt measures which, if implemented properly, should phase out its support for coal and lignite power plants. The European Investment Bank is by far the biggest public bank in the world, lending a huge €12 billion to the energy sector every year. Two exemptions to the EIB’s coal phase out were introduced, however the EIB’s board required to clarify these exemptions in order to ensure a stringent implementation of the phase out.

Photo courtesy of Shutterstock

After the World Bank’s historic decision decided last week to limit funding for coal power plants to “only rare circumstances,” the EIB has followed suit. WWF said that it was now time for other financial institutions to follow their lead and shape the world’s shift to sustainable energy sources. 

“The move by the EIB is very welcome but more needs to be done," said Sebastien Godinot, economist at WWF’s European Policy Office. "To have a serious chance at staying within the 2 degree Celsius climate change limit in Europe by 2050, the EIB should strengthen its standards and eventually phase out its support for all power supply based on fossil fuels."

“Coal is the dirtiest of fossil fuel power sources—polluting local environments, impacting on people’s health and contributing heavily to climate change. It is now time for all international financial institutions and especially the European Bank for Reconstruction and Development, to follow the EIB’s example and to clean up their acts, too.”

"The European Commission is now busy making proposals for a European Climate and Policy Framework for 2030," said Jason Anderson, head of climate and energy policy at WWF European Policy Office. "Alongside binding targets for greenhouse gases, renewable energy and energy savings the Commission should follow the EIB’s approach and ensure we don’t move backwards instead of forwards, by proposing an emissions performance standard on power plants in the EU.”

WWF also calls on the EIB to decrease the level of the emissions cap for fossil fuel power plants that can be eligible for funding in the coming years. It also needs to set measurable financing targets for energy efficiency and renewable energy support—as a way of sending a clear and strong signal to both investors and the industry.

Seize Your Power, WWF's New Global Campaign

WWF's new global campaign, Seize Your Power, calls on financial institutions to significantly increase their funding of renewable energy and cut funding to fossil fuels as we recognize that the level of carbon dioxie emissions in the world requires drastic action to limit global warming.

Visit EcoWatch’s COAL page for more related news on this topic.

——–

A meteorologist monitors weather in NOAA's Center for Weather and Climate Prediction on July 2, 2013 in Riverdale, Maryland. Mark Wilson / Getty Images

The Trump White House is now set to appoint two climate deniers to the National Oceanic and Atmospheric Administration (NOAA) in one month.

Read More Show Less

EcoWatch Daily Newsletter

A plastic bag caught in a tree in New Jersey's Palisades Park. James Leynse / Stone / Getty Images

New Jersey is one step closer to passing what environmental advocates say is the strongest anti-plastic legislation in the nation.

Read More Show Less

Trending

Did you know that nearly 30% of adults do, or will, suffer from a sleep condition at some point in their life? Anyone who has experienced disruptions in their sleep is familiar with the havoc that it can wreak on your body and mind. Lack of sleep, for one, can lead to anxiety and lethargy in the short-term. In the long-term, sleep deprivation can lead to obesity, diabetes, and cardiovascular disease.

Fortunately, there are proven natural supplements that can reduce insomnia and improve quality sleep for the better. CBD oil, in particular, has been scientifically proven to promote relaxing and fulfilling sleep. Best of all, CBD is non-addictive, widely available, and affordable for just about everyone to enjoy. For these very reasons, we have put together a comprehensive guide on the best CBD oil for sleep. Our goal is to provide objective, transparent information about CBD products so you are an informed buyer.

Read More Show Less
Speaker of the House Nancy Pelosi (D-CA) talks to reporters during her weekly news conference at the U.S. Capitol Visitors Center on Sept. 18, 2020 in Washington, DC. Chip Somodevilla / Getty Images

The House of Representatives passed a sweeping bill to boost clean energy while phasing out the use of coolants in air conditioners and refrigerators that are known pollutants and contribute to the climate crisis, as the AP reported.

Read More Show Less
Gov. Jay Inslee of Washington comforts Marsha Maus, 75, whose home was destroyed during California's deadly 2018 wildfires, on March 11, 2019 in Agoura Hills, California. Mel Melcon / Los Angeles Times / Getty Images

By Governor Jay Inslee

Climate Week this year coincides with clear skies in Washington state for the first time in almost two weeks.

In just a few days in early September, Washington state saw enough acres burned – more than 600,000 – to reach our second-worst fire season on record. Our worst fire season came only five years ago. Wildfires aren't new to the west, but their scope and danger today is unlike anything firefighters have seen. People up and down the West Coast – young and old, in rural areas and in cities – were choking on smoke for days on end, trapped in their homes.

Fires like these are becoming the norm, not the exception.

Read More Show Less

Support Ecowatch