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EIB fossil fuel plan allows dirty projects to slip under the door

European Investment Bank statements widely reported in the press about it ceasing support for fossil fuel projects fall fairly wide of the mark. It will continue what it calls “abated,” projects where there is any attempt whatsoever to reduce, but not remove, carbon emissions. After a mammoth meeting lasting 11-hours the EIB pushed a subtle compromises, which slipped under the radar of the press and created a loophole so that nations like Poland and the Czech Republic can jump continue fueling their love of natural gas and coal. Germany abstained from the vote, and may also look to take advantage of the situation. Following months of debate, discussions for the EIB to cease future investment in fossil fuels had been…

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