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Phasing out fossil fuel? Europe to talk about end investments in coal, gas and oil

Last updated on November 14, 2019

If agreed, it could be an important win in the struggle against climate change.

The EIB is fundamental to the ambitious strategy, which might see funding growth for renewable energy whilst phasing out reliance on fossil fuel.

However, the movement calls for a delicate balancing act, together with electricity safety an equally significant priority for European leaders.

Many EU nations still rely heavily on fossil fuels to power their power grids, so any policy shift should hit the ideal balance between combating climate change and maintaining the lights on throughout the continent.

And in line with the EIB, shift should happen in a manner that retains the people on side.

“There is an essential feature of the transition. And we’ve found that on all protests, not just young people but also yellowish stripes,” explained Nancy Saich, the bank’s primary climate change specialist.

“If we do not tackle people’s livelihoods and their occupations are in danger as they’re working in coal or else they’re functioning in a high paving business – if we do not take that into consideration and do not provide them opportunities for jobs and work in the long run – then we won’t be covering everyone. We must get this done inclusively. And try to leave no one behind,” she advised Euronews.

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However, 93 percent of Europeans believe climate change is a significant problem, based on current Eurobarometer research. The poll also indicates climate change has triggered global terrorism as the next most serious issue in Europe following poverty, hunger, and lack of drinking water.

With this degree of financing, EU Finance Ministers understand their forecasts for the EIB block funding of petroleum, coal and gas projects will probably be met favorably by European voters.