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European Investment Bank Cuts Lending to Fossil Plants, Supports Renewables
European Investment Bank Cuts Lending to Fossil Plants, Supports Renewables
Tildy Bayar, Associate Editor, Renewable Energy World
July 25, 2013
LONDON -- The European Investment Bank (EIB), the world’s largest public financial institution, has announced that, effective immediately, it will no longer finance most coal-, lignite- and oil-fired power stations in an effort to help Europe meet its climate targets.
...
The board said the standards ... are designed to reinforce support for investment in renewable power generation and energy efficiency across Europe. Richard Willis, EIB press officer, told REW that the move “brings up to date our ongoing focus toward renewables and reflects how we see our main focus on investment in the years ahead.” ...
... “We’ve set a standard unanimously agreed by all Member States which fully reflects current policy, but the guidelines haven’t been issued yet because we were asked that we would review and also tighten the limited exceptions that are in place to make sure we focus primarily on renewables, grids and energy efficiency.”
...
"We agreed that the overall new guidelines would be looked at in autumn next year — this is normal for any initiative the bank undertakes," said Willis. "We will look to see if the level of distinction between projects continues to be reflected by the 550 g figure, or whether technologies will improve so we could have a lower figure that would still enable [emissions] abatement and biomass investment." He also speculated that a "much stronger set" of climate targets could follow European elections next year, at which time "that would be taken into account."
..."really our main focus is for 90 percent of our future engagement to be in the areas of renewables, energy efficiency and grid networks to make sure renewables can have a key role in Europe's energy mix." Investment in grid infrastructure is crucial, he said, and "no single government or institution can pay for this alone; companies are stretched. We can play a role as a key source of finance, and also play a supporting role in providing technical assistance. As co-financier we support, on average, about a third of project funding, but we can do up to 50 percent, we can help bring in other financial sources, often from other banks which don't have such a large focus on and exposure to renewables but are happy to work with others to contribute much-needed capital for long-term investment."
...
Tildy Bayar, Associate Editor, Renewable Energy World
July 25, 2013
LONDON -- The European Investment Bank (EIB), the world’s largest public financial institution, has announced that, effective immediately, it will no longer finance most coal-, lignite- and oil-fired power stations in an effort to help Europe meet its climate targets.
...
The board said the standards ... are designed to reinforce support for investment in renewable power generation and energy efficiency across Europe. Richard Willis, EIB press officer, told REW that the move “brings up to date our ongoing focus toward renewables and reflects how we see our main focus on investment in the years ahead.” ...
... “We’ve set a standard unanimously agreed by all Member States which fully reflects current policy, but the guidelines haven’t been issued yet because we were asked that we would review and also tighten the limited exceptions that are in place to make sure we focus primarily on renewables, grids and energy efficiency.”
...
"We agreed that the overall new guidelines would be looked at in autumn next year — this is normal for any initiative the bank undertakes," said Willis. "We will look to see if the level of distinction between projects continues to be reflected by the 550 g figure, or whether technologies will improve so we could have a lower figure that would still enable [emissions] abatement and biomass investment." He also speculated that a "much stronger set" of climate targets could follow European elections next year, at which time "that would be taken into account."
..."really our main focus is for 90 percent of our future engagement to be in the areas of renewables, energy efficiency and grid networks to make sure renewables can have a key role in Europe's energy mix." Investment in grid infrastructure is crucial, he said, and "no single government or institution can pay for this alone; companies are stretched. We can play a role as a key source of finance, and also play a supporting role in providing technical assistance. As co-financier we support, on average, about a third of project funding, but we can do up to 50 percent, we can help bring in other financial sources, often from other banks which don't have such a large focus on and exposure to renewables but are happy to work with others to contribute much-needed capital for long-term investment."
...
http://www.renewableenergyworld.com/rea/news/article/2013/07/european-investment-bank-cuts-lending-to-fossil-plants-supports-renewables?cmpid=WNL-Friday-July26-2013
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