The European Investment Bank (EIB) changes course now that Ursula Von der Leyen leads the European Commission. The members of the European Union confirmed last Thursday the change for the EIB to become the European Climate Change Bank. This is a significant move for Europe as a political, social and economic project and the decision is more than talk or symbolic. This is the kind of change on a macro-economic level that will affect many industries, decision makers and markets. This type of decision has many ripple effects throughout Europe, but also throughout the rest of the world.
“Climate is the top issue on the political agenda of our time,” said EIB President Werner Hoyer.
- The EIB will end financing for fossil fuel energy projects from the end of 2021
- Future financing will accelerate clean energy innovation, energy efficiency and renewables
- EIB Group financing will unlock 1 trillion euro of climate action and environmental sustainable investment in the decade to 2030
- EIB Group will align all financing activities with the goals of the Paris Agreement from the end of 2020.
Of course there are little asterisk and footnotes for gas projects and other projects that might still get financed like projects from Fluxys, but the direction is set, the goals are clear. People and governments need to adapt and although we wish they would adapt faster to the threat, we are glad the change is happening in the right direction.
The United State of America are the only country not part of the Paris Agreement and yet the solar energy industry is growing rapidly in the U.S.A creating both jobs and clean energy. The U.S.A. has a huge economy and access to multiple international financial mechanism like the World Bank, the International Monetary Fund, and so many more institutions. We’ll have to wait another day for all these resources to be aligned into 1 goal to fight climate change. Europe is leading the way and showing how it’s done. We’re a small solar installer in Virginia, and policies also change in Virginia and Ipsun’s Policy highlights.
It also looks like the EIB means it when they put sustainability on the forefront. The frontpage of their website reflects exactly that:
source: the front page of the EIB https://www.eib.org/en/index.htm on 11/17/2019
Do you want to be part of the changing world and spend your time fighting climate change, then reach out to us at ipsunsolar.jobsoid.com.
Feel free to reach out to us to discuss our opinion or if you have any questions in general about sustainability: