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EIB won’t finance Mátra power plant conversion to coal

Werner Hoyer, president of the European Investment Bank, does not consider it profitable to invest in natural gas and other fossil fuel-related projects, even if it is intended to replace more polluting resources in power generation, says portfolio.hu.

So, in essence, even if the Mátra power station switched from lignite to coal, it would not be able to get an EIB loan for this project. Yesterday, a report on last year’s activities of the EIB, the European Union’s development bank, was detailed in Brussels.

Although the EIB considers the conversion of power plants from coal to natural gas a step forward, it does not consider it environmentally and commercially sustainable and would therefore not finance such projects, portfolio.hu added.