5 April 2023 - While Europe needs to decarbonize electricity production by 2035 to limit warming to 1.5°C, a new report finds that banks and investors have provided billions of dollars in support to the gas power industry since 2019 . The report’s authors, including Reclaim Finance and Beyond Fossil Fuels, call on financial institutions to restrict support for gas power in Europe to avoid locking-in carbon emissions on a huge scale, and increasing the level of stranded assets by 2035.
Tag Archive: Europe
Polish utility PGE will have operated Turów lignite mine illegally for one year this coming Saturday 1 May.
The Romanian government has committed the country to phasing-out hard coal and lignite power production by 2032 in its National Resilience and Recovery Plan endorsed yesterday by European Commission president Ursula von der Leyen. This plan sees coal capacity cut by more than three quarters by 2025.
Five years from the UN Paris Climate Agreement, half of all coal plants operating or under construction in Europe (162 […]
Just five years on from the historic UN Paris Climate Agreement, Europe is halfway to closing all of its coal power plants by 2030.
European monetary policy should support the fight against climate change and for social progress, not a system of pollution and inequalities.
The European Parliament will decide whether it would allow fossil fuel companies to hijack the EU’s iconic Just Transition Fund.
We are calling on financial institutions to demand that utilities develop socially responsible plans for phasing out coal by 2030, the latest.
European financial institutions and international investors and banks including BlackRock and the Japanese megabanks are keeping Europe’s terminally declining coal industry on life support, handing companies €12 billion in investment, and €9.8 billion in loans and underwriting in less than 1.5 years, according to a new report.