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The scale of debt financing required for a genuine GND is several orders of magnitude greater than what the EIB currently deals in. Let's say 5% of EU GDP annually, for the sake of argument.
The political obstacle is that the EIB's governors are named by the member states.
Changes in policy are normally made using consensus but a double majority vote, based on the size of shares held, could also be an option if there is a clear split of opinion. Germany, France, Italy and the UK are the bank's biggest donors.
Basically, an honest-to-god GND (and not the debased parody being trumpeted by Timmermans and Vestager) would be politically possible if there were a German government which was capable of closing its coal mines. So what would that take? Would a new governing coalition with the Grünen replacing the SPD enable that?
It might, if that government were to be led by Merkel at the height of her powers...
It is rightly acknowledged that people of faith have no monopoly of virtue
- Queen Elizabeth II
The two sections of Eland will total 400 megawatts of solar power combined with up to 300 megawatts/1,200 megawatt-hours of energy storage. With storage, the effective capacity factor is in the 60 percent range, so it is able to power California for a big portion of the day and eat into peak load," said Colin Smith, solar analyst at Wood Mackenzie Power & Renewables.
Similar Combined Solar + Battery Energy Storage systems are possible in southern Italy and in Spain. Were the EIB to fund such developments that could also constitute redistribution of wealth from northern investment to southern generation capacity and local income.
As in Los Angeles the struggle is between incumbent fossil fuel interests and the obvious cost advantages of solar + Battery Energy Storage. Unfortunately, in Europe natural gas fossil fuel infrastructure is still being built out.
"It is not necessary to have hope in order to persevere."
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