Transition: Paris Agreement and Heating

transition: The EIB said its focus on long-term investments means that it must align with the Paris Agreement which aims to cap global heating at 1.5C above 1990 levels by cutting greenhouse gas emissions, according to The Guardian. This transition will be profound. The EU's lending arm has drafted plans, seen by the Guardian, which propose cutting support for energy infrastructure projects which rely on oil, gas or coal by barring companies from applying for loans beyond the end of 2020. Solidarity is required to ensure that potentially vulnerable groups or regions are supported, the EIB report said. In the past the EIB has funded fossil fuel projects including the Trans Adriatic gas pipeline and oil storage facilities in Cyprus. The lender said it will set up an energy transitions fund to support projects which help EU member states to transition to a cleaner economy. (news.financializer.com). As reported in the news.