Gasoline

European Investment Bank says no to gas

Workers are standing at the construction site of the receiving station of the Nord Stream 2 Baltic Sea pipelin
Workers are standing at the construction site of the receiving station of the Nord Stream 2 Baltic Sea pipeline in Mecklenburg-Western Pomerania, Lubmin. Photo: Stefan Sauer/picture alliance via Getty Images

The European Investment Bank has decided to end all financing for fossil fuel development by the end of 2021 — including natural gas projects.

Why it matters: It's the "first time any major multilateral lender has curbed lending to natural gas projects because of climate change concerns," the Financial Times reports.

Expert Voices

California power cuts could drive sales of gas-powered generators

A Home Depot employee pulls a generator on a cart
Photo: Michele Eve Sandberg/AFP/Getty Images

The risk of wildfires in California prompted what may be the largest deliberate power cut in U.S. history. The growing frequency of such precautions could incentivize residential and commercial customers to turn to on-site power generation.

Why it matters: Such a shift could mean a boon for solar energy systems, but also a comeback for gas-powered generators in areas bearing the brunt of extreme dry weather exacerbated by climate change.