The European Bank for Reconstruction and Development, one of the world’s leading development banks, has voted to adopt a “no coal, no caveats” financing policy and slash lending to oil exploration and production projects as the organisation seeks to combat climate change. The move, approved on Wednesday by the bank’s board of directors, will bring into sharper relief the activities of Chinese and other development banks that finance huge numbers of coal and oil projects around the world. Burning fossil fuels is warming the planet and stoking dangerous climate change, say scientists. A recent scientific report by the Intergovernmental Panel on Climate Change of the UN found that coal use would have to fall to less than a quart er of its current level in order to limit global warming to less than 2C.
FT 12th Dec 2018 read more »
EBRD ditches coal for renewables but gas and oil still on the menu.
PV Tech 13th Dec 2018 read more »