The Final Nails in the EU Coffin: EU bank to stop funding fossil fuel projects in 2 years

There is certainly only one thing that Industry needs besides steel and equipment.  And that is ENERGY.  Not just energy when the sun is up and the wind is blowing.  It needs it 24/7 all year long.

To constrain Industry to only renewable energy is to call the Funeral Horn for the advanced news of the Death of European Industry.

From this point on, the only projects that will be funded will be small ones - on the order of $10 - 50 million .  That's a guess on my part.  But for sure you can completely forget the development of multi billion dollar/Euro projects.  From the AP:

“We will stop financing fossil fuels and we will launch the most ambitious climate investment strategy of any public financial institution anywhere,” the EIB’s president, Werner Hoyer, said in a statement.

Calling climate “the top issue on the political agenda of our time,” Hoyer noted scientists’ warnings that the planet is heading for a 3-4 degrees Celsius (5.4-7.2 Fahrenheit) increase in global average temperature by the end of the century.

“If that happens, large portions of our planet will become uninhabitable, with disastrous consequences for people around the world,” he said.

The 2015 Paris climate accord aims to cap global warming at no more than 2 degrees Celsius (3.6 Fahrenheit) by 2100 compared with pre-industrial times.

The policy change —which will also see the EIB prioritize lending for energy efficiency, low carbon technology and grid improvements — comes as the EU tries to ratchet up its climate efforts.

My prediction:  Massive numbers of people leaving the EU to reside in countries that aren't trying to strangle their own countries. 

We welcome all Europeans to live in the USA.  WELCOME!!