EIB: “Gas is over”

Werner Hoyer, President of the European Investment Bank, has urged EU to reject gas and all fossil fuels as he presented the bank’s 2020 results.

“Gas is over,” Hoyer stated, and emphasised that the EU cannot hope to reach its climate ambitions if it continued to rely on gas as a less polluting fossil fuel. With the Nord Stream 2 pipeline between Germany and Russia under construction or the EU’s attempts to wean fossil fuel burning states off coal to gas, the statement, although forceful, might be premature.

The EIB plans that half of its activity will support the climate, creating €1tr for green funding by 2030, and it has made rules to ensure that gas powered energy is at a major disadvantage, along with coal and oil being completely blocked.

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