Green groups have cautiously welcomed a decision by European Investment Bank (EIB), the world’s largest public financial institution, to phase out funding for coal power plants that emit the highest levels of carbon dioxide, reports Jessica Shankleman at BusinessGreen. A bank official noted that the decision, which comes days after the World Bank similarly committed to limit funding for coal, was a major step forward for the European Union’s plans to decarbonise the economy and slach emissions by 80 percent by 2050. EIB aims to screen out those energy projects that could undermine the EU’s climate change policies. The bank will not fund those plants emitting more than 550 grams of carbon dioxide per kilowatt hour, a level that will allow investment in gas-fired power plants to continue, and will effectively block investment in coal plants that do not feature some forms of emission reduction technologies or co-generate power with biomass. The bank also made a commitment to step up funding for mature and emerging renewable energy technologies, such as wind turbines and wave and tidal power technology, and pledged to improve its approach to funding energy efficiency programmes.
Join the swelling numbers of voters TELLING Congress they’ll vote for Clean Energy candidates here: http://signon.org/sign/we-are-the-clean-99?source=c.em.cp&r_by=487176 . This is an ongoing campaign (the next Congressional election is in 2 years!) so please, spread the word. It’s our way of telling Congress that a strong clean energy voting bloc is out there. This is how YOU can make a difference.
For more on Climate Change, check out my weekly column at the HuffingtonPost, Climate Change This Week : http://www.huffingtonpost.com/author/index.php?author=mary-ellen-harte
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