Investorideas.com  big ideas for global investors Search www.investorideas.com
   Member Access       Sign-up       Listings        Stock Directories       Research       Cleantech       Tech Newsletter         Headlines        Video       New Ventures   




WWF: World's largest public financial institution commits to phase out funding for coal power plants

Yesterday WWF gave a cautious welcome to the move by the European Investment Bank (EIB) [1], the world's largest public financial institution, to adopt measures which, if implemented properly [2], should phase out its support for coal and lignite power plants.

Ideas get bigger when you share them...    Repost This

July 24, 2013 (Investorideas.com newswire) After the World Bank's historic decision decided last week to limit funding for coal power plants to "only rare circumstances", the EIB has followed suit: WWF said that it was now time for other financial institutions to follow their lead and shape the world's shift to sustainable energy sources.

Join Investor Ideas Members to access the Renewable Energy stocks directory, water stocks, biotech stocks, defense stocks directories and the Insiders Corner

Sebastien Godinot, economist at WWF's European Policy Office, said: "The move by the EIB is very welcome but more needs to be done. To have a serious chance at staying within the 2C climate change limit in Europe by 2050, the EIB should strengthen its standards and eventually phase out its support for all power supply based on fossil fuels.

"Coal is the dirtiest of fossil fuel power sources - polluting local environments, impacting on people's health and contributing heavily to climate change. It is now time for all international Financial Institutions and especially the European Bank for Reconstruction and Development [3], to follow the EIB's example, and to clean up their acts too."

Jason Anderson, head of climate and energy policy at WWF European Policy Office, said: "The European Commission is now busy making proposals for a European Climate and Policy Framework for 2030. Alongside binding targets for greenhouse gases, renewable energy and energy savings the Commission should follow the EIB's approach and ensure we don't move backwards instead of forwards, by proposing an emissions performance standard on power plants in the EU."

WWF also calls on the EIB to decrease the level of the emissions cap for fossil fuel power plants that can be eligible for funding in the coming years. It also needs to set measurable financing targets for energy efficiency and renewable energy support as a way of sending a clear and strong signal to both investors and the industry.

Seize Your Power, WWF's new global campaign

WWF's new global campaign, Seize Your Power, calls on financial institutions to significantly increase their funding of renewable energy and cut funding to fossil fuels because we recognise that the level of CO2 emissions in the world requires drastic action to limit global warming.

Note to the editors:

[1] The European Investment Bank is by far the biggest public bank in the world, lending a huge 12 billion to the energy sector every year.

[2] Two exemptions to the EIB's coal phase out have been introduced by the EIB yesterday. However the EIB's board required to clarify these exemptions in order to ensure a stringent implementation of the phase out.

[3] Tomorrow (25 July), the European Bank for Reconstruction and Development (EBRD), another major European public bank, will present its new energy strategy at a kick-off event in London. This strategy is planned for adoption in October.

Contact:

Audrey Gueudet
Climate & Energy Media and Communication Officer
WWF European Policy Officer
agueudet@wwf.eu
Phone: +32 2 743 88 06 |
Mobile: + 32 494 03 20 27

More Info:

This news is published on the Investorideas.com Newswire and its syndicated partner network

Publish Your News - Send a release
News now!

Get Free investor news and stock alerts: Sign up here

Published at the Investorideas.com Newswire - Big ideas for Global Investors

Disclaimer/ Disclosure:The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and Linkedintoday plus hundreds of syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp

BC Residents and Investor Disclaimer : Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.



Free News Alerts
Email:  

Read more News





TOP

Investor Ideas © 2000 - 2014 InvestorIdeas.com®, ECON

Free Investor Stock Alerts
Sign up here

login | logout | about us | contact | disclaimer / disclosure |
advertise | company profile directory | partners / links |
job search | privacy policy | trade | services | sitemap |