Banks urged to back renewables

Climate commissioner Connie Hedegarard

Climate commissioner Connie Hedegarard

EU climate commissioner Connie Hedegaard has urged the three leading international development banks to stop supporting fossil fuels, and to focus lending on renewables and energy efficiency.

Hedegaard is keen to see the European Investment Bank, the European Bank for Reconstruction and Development (EBRD) and the World Bank join the EU and the Organisation for Economic Co-operation and Development in taking a lead role in eliminating public support for fossil fuels.

“Together, these three institutions lend more than €130bn [$168bn] annually for projects in Europe and beyond, and maintain a strong advisory role in beneficiary countries,” she says in the foreword to a report on bank lending policies in the western Balkans.

“According to the International Energy Agency, fossil-fuel subsidies rose by almost 30%, to $523bn, Log in to read complete article.

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