European Investment Bank to bar coal plant financing

Back on Earth, Germany opens six new coal plants in 2013!

Utility Week reports:

The World’s largest public financial institution, the European Investment Bank (EIB), has committed to phasing out the funding for coal power plants.

Following a 10-month review, the EIB confirmed yesterday that it would introduce a new Emissions Performance Standard to be applied to all fossil fuel generation projects “to screen out investments whose carbon emissions exceed a threshold level.”

In a statement, the EIB said: “Gas is expected to remain a transition fuel to a low carbon energy system, and the Emissions Performance Standard will ensure that lending is restricted to projects that make a positive contribution to EU economic growth and are consistent with EU climate policy.”

Under the standard, new fossil-fuelled power plants would be able to emit 550 grams of carbon dioxide per kilowatt hour (gCO2/KWh).

Meanwhile, Germany is building new coal plants.

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