EIB move reflects climate (policy) change

The European Investment Bank (EIB) announcement that it will stop funding fossil fuel projects by end-2021 has caused a stir in several sectors, including among grid-scale renewables developers who argue that in the current phase of Africa’s carbon transition, hydrocarbons-based schemes may still be most appropriate to balance grids. For a major multilateral that has been a key financier of Mediterranean gas pipelines and other carbon-economy infrastructure, the move is a radical shift.