Climate Leaders Celebrate as European Investment Bank Chief Declares ‘Gas Is Over’

President of the European Investment Bank Werner Hoyer holds a press conference in Brussels, Belgium on Jan. 30, 2020. Dursun Aydemir / Anadolu Agency via Getty Images By Jon Queally Noted author and 350.org co-founder Bill McKibben was among the first to celebrate word that the president of the European Investment Bank on Wednesday openly declared, "To put it mildly, gas is over" — an admission that squares with what climate experts and economists have been saying for years if not decades . Dr. Werner Hoyer, president of the EIB — the investment bank publicly owned by the European Union’s member states — made the comments while presenting a review of the institution’s 2020 operations at a press conference in Luxembourg. Calling a future break with fracked gas "a serious departure from the past," Hoer added that "without the end to the use of unabated fossil fuels, we will not be able to reach the climate targets" to which the EU states — and therefore the bank — have committed. McKibben and others responded to the comments as the most recent promising signal that the financial world is catching up with the climate science that demands a rapid and […]

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