European Commission statement on the adoption of the new energy lending policy of the European Investment Bank Group - EU monitor

EU monitor
Wednesday, February 19, 2020
Source: European Commission (EC) i, published on Thursday, November 14 2019.

The Commission supports the new energy lending policy of the European Investment Bank (EIB) Group adopted at the EIB Board meeting today, which will help the Bank achieve full alignment with the Paris Agreement. The Commission voted in favour of the proposal.

The Commission believes that the clean energy transition should be gradual, socially fair, based on a broad range of energy sources and technologies and done in a way that no region is left behind.

The Commission supports an increase of low carbon energy financing, which will also lead to a gradual phase-out of support for fossil fuel projects, including natural gas.

The Commission is satisfied that the EIB Board of Directors found an agreement on a transition arrangement for the phase-out of gas projects, including vital interconnection and gas storage projects, the so-called, Projects of Common Interest. These projects are important for the European security of supply.

The EU is strongly committed to reducing its greenhouse gas emissions that cause climate change. The EU has adopted the most advanced legislative framework to meet its 2030 energy and climate targets. The Commission's long-term commitment to the fully decarbonised energy system is embedded in its 2050 strategy.