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Emissions Trap: Financial Institutions Still Feeding The Gas Industry
by greg - 05 April 2023
5 April 2023 – While Europe needs to decarbonize electricity production by 2035 to limit warming to 1.5°C, a new report finds that banks and investors have provided billions of dollars in support to the gas power industry since 2019 [1]. The report’s authors, including Reclaim Finance and Beyond Fossil Fuels, call on financial institutions to restrict support for gas power in Europe to avoid locking-in carbon emissions on a huge scale, and increasing the level of stranded assets by 2035.
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New Europe-wide campaign shows path to renewables-based power system by 2035
by Europe Beyond Coal - 28 March 2023
Today, more than forty civil society organisations from across Europe are embarking on a mission to ensure governments, businesses, and financial institutions eliminate fossil fuels from the continent’s power sector by 2035, replacing them with renewable energy sources and energy savings. The Beyond Fossil Fuels (BFF) campaign expands the hugely successful Europe Beyond Coal coalition, which has seen 23 European countries committing to coal exits, 17 of which will happen by 2030 at the latest.
