Exclusive: European Development Finance group to exit fossil fuel investments by 2030

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A group of European development finance institutions (DFIs) managing $50 billion said on Thursday they planned to stop lending money to fossil fuel projects by the end of the decade.

Smoke and steam billows from Belchatow Power Station, Europe's largest coal-fired power plant operated by PGE Group, near Belchatow, Poland November 28, 2018. Picture taken November 28, 2018. REUTERS/Kacper Pempel/Files

“As taxpayer-funded organisations, we are committed to promoting green growth, climate adaptation and resilience, nature-based solutions, access to green energy and a just transition to a low-carbon economy,” EDFI Chief Executive Søren Peter Andreasen told Reuters in a statement. The EDFI group said it would immediately stop financing new coal or fuel oil projects and would only finance other fossil fuel investments such as gas-fired power generation as long as they were in line with Paris, before excluding them by 2030.

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Make our planet green again 🏝🏝🏝🏝🏝🏝🏝

well, since Joe Biden said that he'll literally 'work out fracking' and since he is a corporate puppet, I thought that the oil industry would go to electric energy. now we've got the EDF dumping this industry and replacing it with the electric energy! it is all political...

'Divestment campaigns achieve nothing. If they work, they will strangle the supply of capital for oil/gas producers that need it, and make windfall profits for those producers that don’t.'

Perhaps they realise that with digital currency they will have no choice. Programable digital currency will not be valid to spend at ''unapproved'' places, companies, goods etc. etc. Bretton Woods 2.0: The IMF Plan For Total Control!!

I wonder if they ever considered, that so called „green“ or „clean energy“ is possibly neither, „green“ nor „clean“!

JimWright4Texas

thanks for this news

Its 10 years too late, fuck off.

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