Greeny News

The European Union has made ? 5000000000 Loan fossil fuels through its financial arm, despite the carbon reduction targets for members

The largest lender

world for energy projects and climate action has almost doubled the funding of fossil fuels between 2007 and 2010, a new report released Thursday showed.

The European Investment Bank (EIB), the largest lender of the World Bank loans also tripled renewable energy according to the campaign group behind the report, Bankwatch. But the group said that in general the bank is not meeting its responsibility to promote the objectives of the European Union, including the reduction of carbon emissions by at least 20% in 2020.

"Our study highlights once again the secret of hypocrisy in the heart of the action on the climate of the EU," said Piotr Trzaskowski, energy Bankwatch coordinator. "Then that the EU seems to be the player with the most progressive in the world in the global fight against climate change, the financial arm of the Union is to billions of euros of public money in energy infrastructure in the country that block the path dependent on fossil fuels for four or five decades. Given what we're listening to [the UN climate talks in] Durban this week, even if the EU acts in this way, we tragically in a sure path to disaster. "

The EIB loans subsidized by government guarantees, but the negotiations of the UN climate change in South Africa, Wednesday, Nicholas Stern, told delegates that rich countries have lost money and hurt the renewable energy tax breaks, credits and other subsidies to the fossil fuel industry. In November, the International Energy Agency warned that current trends in the world built enough fossil fuel plants in 2016 to break the limit 2C considered "safe" by scientists.

A bank spokesman said: "The EIB is committed to supporting key investment projects that support the fight against climate change has shown this week in Durban, with new funding for renewable energy and insignia of the water. projects and supporting renewable energy initiative in South Africa. "

Report

spokesperson for the EIB, said: ".. Energy efficiency is the greenest form of energy there, the Bank is always looking for good projects with the industry and government agencies, be possible on a large scale, "adding," .. The EIB has adopted an energy policy for new loans in 2007, based on the two priority areas for climate action and energy security This new approach allows a selective approach to coal-fired and lignite-fired stations "