EU leaders support green energy campaign: The European Council calls for phasing out fossil fuel subsidies
May 24, 2013
Just as Bankwatch published a new infographic juxtaposing the European Investment Bank’s beneficial and harmful energy lending, Europe’s political leaders have set a priority for energy investments to phase out fossil fuel subsidies and focus on clean energy instead.
posted on the Bankwatch blog by Sven Haertig-Tokarz, Bankwatch web editor
One of the agenda points of Wednesday’s meeting of the European Council concerned Europe’s energy market. The summit’s conclusions (pdf) contain a number of interesting provisions, but one of them is particularly interesting in light of Bankwatch’s ongoing campaign to end the EIB’s fossil fuel lending.
The conclusions read (emphasis added):
As regards action taken to facilitate investments, priority will be given to:
(c) the revision by the Commission of state aid rules to allow for targeted interventions to facilitate energy and environmental investment, ensuring a level playing-field and respecting the integrity of the single market;
(d) phasing out environmentally or economically harmful subsidies, including for […]