From the end of 2021, the European Investment Bank is calling an end to their financing of all fossil fuel projects, except for gas-fired power projects that incorporate CCS (carbon capture and storage), CHP (combined heat process) or co-firing of renewable gases. It will also support €1tn of investments in climate action and environmental sustainability from 2021 to 2030.
The policy sets out how the EIB intends to finance the transition to a more carbon-neutral energy mix. Gas2Wire, which in our vision utilises CHP, fits into this category. We also envision the incorporation of CCS, once both the technology and policy mature. Generating power at its source allows the unique opportunity to reinject CO2 back into the source reservoir, to enhance natural gas recovery and remove the need for its transportation.