A fresh energy strategy to be unveiled by the European Bank for Reconstruction and Development will back new gas projects as the only way to wean lower-income countries off coal, its president said.
In an interview with Devex, Odile Renaud-Basso revealed the blueprint — to be put out to consultation within weeks — will continue to promote the use of fossil fuel in limited situations, while acknowledging the stance triggers “a lot of discussion.”
The European Investment Bank announced it would no longer fund gas projects in 2019, putting EIB “on the right side of history,” its president said and heaping pressure on EBRD to do the same.