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EIB to stop funding fossil fuel projects at end of 2021

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LNG Industry,

According to Reuters, the European Investment Bank has announced that it will stop funding fossil fuel projects at the end of 2021.

Reuters reports that this landmark decision potentially affects billions of dollars of gas projects, including LNG projects, in the pipeline.

The bank’s new energy lending policy will bar most fossil fuel projects, including the traditional use of natural gas.

According to Reuters, the new policy will mean that any energy projects applying for funding from the EIB will be required to demonstrate that they can produce 1 kWh of energy while emitting lower than 250 g of CO2. This move will effectively ban traditional gas-burning power plants.

Under the new policy, Reuters claims gas projects will need to be based on so-called ‘new technologies’, such as carbon capture and storage, combining heat and power generation or mixing in renewable gases with natural gas.

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