Members of the European Parliament rally against fracked gas in 2012. On Wednesday, the head of the European Investment Bank (EIB) declared "Gas is over" during a presentation of the bank's 2020 performance. (Credit: flickr / cc / greensefa)
Reality 'Starting to Sink In,' Says McKibben, After European Investment Bank Chief Admits 'Gas Is Over'
"There's nothing clean about gas—it's not a 'transition fuel' or a 'bridge fuel,' it's a dirty fossil fuel just like coal and oil," said Greenpeace EU. "It's time to stop bankrolling the #ClimateEmergency and stop public money back gas projects."
Noted author and 350.org co-founder Bill McKibben was among the first to celebrate word that the president of the European Investment Bank on Wednesday openly declared, "To put it mildly, gas is over"--an admission that squares with what climate experts and economists have been saying for years if not decades.
Dr. Werner Hoyer, president of the EIB--the investment bank publicly owned by the European Union's member states--made the comments while presenting a review of the institution's 2020 operations at a press conference in Luxembourg.
Calling a future break with fracked gas "a serious departure from the past," Hoer added that "without the end to the use of unabated fossil fuels, we will not be able to reach the climate targets" to which the EU states--and therefore the bank--have committed.
McKibben and others responded to the comments as the most recent promising signal that the financial world is catching up with the climate science that demands a rapid and profound shift away from fossil fuels.
"President of the EIB, Werner Hoyer, clearly knows what's up," tweeted Oil Change International. "We agree. Time to #StopFundingFossils."
Greenpeace EU also heralded the news and stated: "There's nothing clean about gas--it's not a 'transition fuel' or a 'bridge fuel,' it's a dirty fossil fuel just like coal and oil. It's time to stop bankrolling the #ClimateEmergency and stop public money back gas projects."
According to EurActiv:
The EU aims to reach net zero emissions by 2050 and is expected to adopt a new carbon reduction target of -55% for 2030. However, gas has remained a grey area, with the European Commission saying it will still be needed to help coal-reliant EU member states transition away from fossil fuels.
Under their climate bank roadmap published in 2020, the EIB plans to use 50% of its activity to support climate and environmental sustainability, unlocking EUR1 trillion for green funding by 2030. It will also ensure that all activity is aligned with the Paris Agreement.
Others emphasized what a historic shift the comment represents from even just a few years ago:
While many European climate groups and financial watchdogs have criticized the EU member states and the EIB itself for not moving forward fast enough with proposed reforms to reduce greenhouse gas emissions, Hoyer said Wednesday that the shift away from fossil fuels is paramount and that even the Covid-19 pandemic wreaking havoc across the continent must not act as a roadblock.
"We have achieved unprecedented impact on climate, preparing the ground for much more," Hoyer said in his remarks. "But the risk of a recovery that neglects climate and the environment remains."
"The fight against climate change cannot wait until the pandemic is over," he added. "The [Covid-19] crisis is not a reason to stop tackling the climate and environmental challenges facing humanity."
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
Noted author and 350.org co-founder Bill McKibben was among the first to celebrate word that the president of the European Investment Bank on Wednesday openly declared, "To put it mildly, gas is over"--an admission that squares with what climate experts and economists have been saying for years if not decades.
Dr. Werner Hoyer, president of the EIB--the investment bank publicly owned by the European Union's member states--made the comments while presenting a review of the institution's 2020 operations at a press conference in Luxembourg.
Calling a future break with fracked gas "a serious departure from the past," Hoer added that "without the end to the use of unabated fossil fuels, we will not be able to reach the climate targets" to which the EU states--and therefore the bank--have committed.
McKibben and others responded to the comments as the most recent promising signal that the financial world is catching up with the climate science that demands a rapid and profound shift away from fossil fuels.
"President of the EIB, Werner Hoyer, clearly knows what's up," tweeted Oil Change International. "We agree. Time to #StopFundingFossils."
Greenpeace EU also heralded the news and stated: "There's nothing clean about gas--it's not a 'transition fuel' or a 'bridge fuel,' it's a dirty fossil fuel just like coal and oil. It's time to stop bankrolling the #ClimateEmergency and stop public money back gas projects."
According to EurActiv:
The EU aims to reach net zero emissions by 2050 and is expected to adopt a new carbon reduction target of -55% for 2030. However, gas has remained a grey area, with the European Commission saying it will still be needed to help coal-reliant EU member states transition away from fossil fuels.
Under their climate bank roadmap published in 2020, the EIB plans to use 50% of its activity to support climate and environmental sustainability, unlocking EUR1 trillion for green funding by 2030. It will also ensure that all activity is aligned with the Paris Agreement.
Others emphasized what a historic shift the comment represents from even just a few years ago:
While many European climate groups and financial watchdogs have criticized the EU member states and the EIB itself for not moving forward fast enough with proposed reforms to reduce greenhouse gas emissions, Hoyer said Wednesday that the shift away from fossil fuels is paramount and that even the Covid-19 pandemic wreaking havoc across the continent must not act as a roadblock.
"We have achieved unprecedented impact on climate, preparing the ground for much more," Hoyer said in his remarks. "But the risk of a recovery that neglects climate and the environment remains."
"The fight against climate change cannot wait until the pandemic is over," he added. "The [Covid-19] crisis is not a reason to stop tackling the climate and environmental challenges facing humanity."
Noted author and 350.org co-founder Bill McKibben was among the first to celebrate word that the president of the European Investment Bank on Wednesday openly declared, "To put it mildly, gas is over"--an admission that squares with what climate experts and economists have been saying for years if not decades.
Dr. Werner Hoyer, president of the EIB--the investment bank publicly owned by the European Union's member states--made the comments while presenting a review of the institution's 2020 operations at a press conference in Luxembourg.
Calling a future break with fracked gas "a serious departure from the past," Hoer added that "without the end to the use of unabated fossil fuels, we will not be able to reach the climate targets" to which the EU states--and therefore the bank--have committed.
McKibben and others responded to the comments as the most recent promising signal that the financial world is catching up with the climate science that demands a rapid and profound shift away from fossil fuels.
"President of the EIB, Werner Hoyer, clearly knows what's up," tweeted Oil Change International. "We agree. Time to #StopFundingFossils."
Greenpeace EU also heralded the news and stated: "There's nothing clean about gas--it's not a 'transition fuel' or a 'bridge fuel,' it's a dirty fossil fuel just like coal and oil. It's time to stop bankrolling the #ClimateEmergency and stop public money back gas projects."
According to EurActiv:
The EU aims to reach net zero emissions by 2050 and is expected to adopt a new carbon reduction target of -55% for 2030. However, gas has remained a grey area, with the European Commission saying it will still be needed to help coal-reliant EU member states transition away from fossil fuels.
Under their climate bank roadmap published in 2020, the EIB plans to use 50% of its activity to support climate and environmental sustainability, unlocking EUR1 trillion for green funding by 2030. It will also ensure that all activity is aligned with the Paris Agreement.
Others emphasized what a historic shift the comment represents from even just a few years ago:
While many European climate groups and financial watchdogs have criticized the EU member states and the EIB itself for not moving forward fast enough with proposed reforms to reduce greenhouse gas emissions, Hoyer said Wednesday that the shift away from fossil fuels is paramount and that even the Covid-19 pandemic wreaking havoc across the continent must not act as a roadblock.
"We have achieved unprecedented impact on climate, preparing the ground for much more," Hoyer said in his remarks. "But the risk of a recovery that neglects climate and the environment remains."
"The fight against climate change cannot wait until the pandemic is over," he added. "The [Covid-19] crisis is not a reason to stop tackling the climate and environmental challenges facing humanity."