EU'S LENDING ARM TO STOP FINANCING COAL PLANTS
The European Investment Bank said that it will stop financing most coal-fired power plants to help the European Union meet climate targets and reduce pollution. The decision follows similar ones by other financial institutions, including the announcement from the World Bank that it would only fund coal-fired power stations in "rare circumstances." New and refurbished coal-fired plants will only be eligible for funding from the EIB if they emit less than 550 grams of carbon dioxide per kilowatt-hour, and the Bank said it may tighten emissions standards in the future to ensure consistency with EU climate policies. "The vote to introduce an emissions performance standard represents a step-change in the EU's fight against climate change and puts the bankers ahead of politicians in terms of tangible action," said Ingrid Holmes, of environmental think tank E3G. Since 2007, the EIB has loaned around $14.5 billion to fossil fuel fired plants, most of it gas, but an emissions cap of 450g/kW would mean that older gas fired plants would be ineligible. For the full story, see http://www.guardian.co.uk/environment/2013/jul/24/eu-coal-power-plants-carbon-emissions-climate. Earlier: http://elr.info/international/international-update/world-bank-restrict-fossil-fuel-funding.