Connect with us

Hi, what are you looking for?

Cyprian Is Nyakundi


Death Of Fossil Fuel?


The European Investment Bank (EIB) has revealed plans to stop the funding of oil, gas and coal projects. This will take effect at the end of 2021.

If this is taken into consideration, it will translate to cutting of €2 billion of yearly investments.

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

Gas projects are still viable but would have to be based on what the bank called “new technologies” such as carbon capture and storage, combining heat and power generation, or mixing in renewable gases with the fossil natural gas.

Under the new policy, energy projects applying for EIB funding will need to show they can produce one-kilowatt hour of energy while emitting less than 250 grams of carbon dioxide, a move which excludes traditional gas-burning power plants.

Since 2013, the EIB has funded €13.4bn of fossil fuel projects.

The European Investment Bank is the European Union’s non-profit long-term lending institution. It is a publicly owned international financial institution and its shareholders are the EU member states. It is also the world’s largest international public lending institution.

See Also:

EIB Partners with Equity Bank to Boost Funding to Agribusiness

Family Bank receives Ksh 3.4B from EIB to boost SME Loan Book

EIB Partners with Equity Bank to Boost Funding to Agribusiness


Source link

Would you like to get published on this Popular Blog? You can now email Cyprian Nyakundi any breaking news, Exposes, story ideas, human interest articles or interesting videos on: [email protected] Videos and pictures can be sent to +254 710 280 973 on WhatsApp, Signal and Telegram.



Click to comment


You May Also Like


*Editor’s Note: This open letter to Safaricom has been published as received. No redactions have taken place to avoid legal issues pending a court...


This is an intervention for Victoria Rubadiri so as to help her revert back to factory settings. We notice your slow drift away into...


Caption : Edwin Kigen Who was Murdered in Madaraka Estate. We demand for answers from Boinnet ! Another young man may have been brutally assaulted and...


CAPTION: Reformed street-urchins like this lot are dominating the airwaves and being allowed to spread the disease of anti-intellectualism.  As you may have all...

Copyright © 2020 Cyprian Is Nyakundi.