EIB to Curb Funding of Coal-fired Power Stations

The Guardian reported that the European Investment Bank (EIB) plans to stop financing the majority of coal-fired power stations in a bid to help the European Union achieve its pollution-curbing goals.

As quoted in the market news:

New and refurbished coal-fired power plants will not be eligible for funding unless they emit less than 550 grams of carbon dioxide per kilowatt-hour (gCO2/kW), the EIB said on Wednesday, which could be met either by a combined heat and power plant or one that also burns biomass.

‘Adoption of the new lending criteria represents an important step forward in the European Investment Bank’s commitment to energy investment that supports EU policy and reflects the urgent investment challenges currently facing the energy sector,’ Mihai Tanasescu, EIB vice president responsible for energy lending, said in a statement.

Click here to read the full report from The Guardian.