Back on Earth, Germany opens six new coal plants in 2013!
Utility Week reports:
The World’s largest public financial institution, the European Investment Bank (EIB), has committed to phasing out the funding for coal power plants.
Following a 10-month review, the EIB confirmed yesterday that it would introduce a new Emissions Performance Standard to be applied to all fossil fuel generation projects “to screen out investments whose carbon emissions exceed a threshold level.”
In a statement, the EIB said: “Gas is expected to remain a transition fuel to a low carbon energy system, and the Emissions Performance Standard will ensure that lending is restricted to projects that make a positive contribution to EU economic growth and are consistent with EU climate policy.”
Under the standard, new fossil-fuelled power plants would be able to emit 550 grams of carbon dioxide per kilowatt hour (gCO2/KWh).