Tag Archive: Europe

Emissions Trap: Financial Institutions Still Feeding The Gas Industry

April 5, 2023 11:59 am Published by

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 [1]. 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.

Romania commits to exiting coal by 2032 at the latest

September 28, 2021 5:12 pm Published by

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.