Bonn\/Brussels<\/b>. The development and environmental organisation Germanwatch welcomes the adoption of the European Investment Bank's new energy directive as an \"important signal for the entire financial market\". It stipulates the phase-out of financing fossil fuel projects by the end of 2021. The phase-out was also achieved thanks to a joint approach by the previously conflicting federal ministries.<\/p>\n
\"This decision sends an important signal to other development banks and the entire financial market. Financing fossil fuel projects that are not compatible with the Paris climate goals will become much more difficult overall,\" says Christoph Bals, Political Director of Germanwatch. He welcomes the fact that the environment and finance ministries have overcome the blockade by the economics ministry and, after weeks of disagreement, have finally agreed to the phase-out. \"Fortunately, the German government managed at the last minute to avoid being seen as a blocker on climate protection at EU level this time.\"<\/p>\n
As a member of the German government's Sustainable Finance Advisory Council, Bals is hoping that the council will present concrete recommendations in spring 2020 that will make Germany a leading location for sustainable finance and that are compatible with the Paris climate goals.<\/p>\n
The Investment Bank's decision allows for exemptions to promote particularly energy-efficient gas-fired power plants beyond 2021. However, this is subject to the condition that credible plans are submitted for the subsequent primary use of climate-friendly renewable gases and that the specified emission caps are not exceeded. Germanwatch emphasises that this rule must now be made watertight. The exception must not become a major loophole.<\/p>\n
Source: Germanwatch PM from 15 Nov. 2019<\/p>","protected":false},"excerpt":{"rendered":"
The development and environmental organisation Germanwatch welcomes the adoption of the European Investment Bank's new energy directive as an \"important signal for the entire financial market\". It stipulates the phase-out of the financing of fossil energy projects by the end of 2021. The phase-out was also successful thanks to a common line taken in the end by the previously quarrelling federal ministries.<\/p>","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"template":"","format":"standard","blog-kategorie":[838,883,758,756,804,827,784,782,788,918,825],"blog-schlagwort":[],"class_list":{"0":"post-20073","1":"blog","2":"type-blog","3":"status-publish","4":"format-standard","6":"blog-kategorie-beschaffung","7":"blog-kategorie-buergerenergie","8":"blog-kategorie-bundesland","9":"blog-kategorie-erneuerbare","10":"blog-kategorie-klimaschutz","11":"blog-kategorie-nachhaltiges-wirtschaften","12":"blog-kategorie-europa-ohne-de","13":"blog-kategorie-oekologie","14":"blog-kategorie-oekonomie","15":"blog-kategorie-transition-town","16":"blog-kategorie-umweltpolitik","17":"gallery-content-unit","18":"czr-hentry"},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t