EIB slams slow industrial response to climate change

The European Investment Bank is the EU’s nonprofit lending institution. (AFP)
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Updated 23 December 2019

EIB slams slow industrial response to climate change

  • EIB chief Werner Hoyer said he understood concerns over job losses in traditional industries

FRANKFURT: The president of the European Investment Bank (EIB), the EU’s lending arm, has sharply criticized industrial companies for reacting too slowly to climate change, saying some bosses had been “asleep at the wheel.”

In an interview to appear in German newspaper group RND on Monday, EIB chief Werner Hoyer said he understood concerns over job losses in traditional industries.

“But there are some business executives who should ask themselves if they haven’t been asleep at the wheel,” he said, warning that change was inevitable in the fight against global warming.

He singled out automakers for taking too long to make the switch from the polluting internal combustion engine to cleaner electric cars.

It was “crystal clear 15 or even 20 years ago” that this transition would have “an enormous impact on car suppliers especially,” said Hoyer.

“But instead of responding, many just sat back and waited.”

The comments come as Hoyer’s native Germany, Europe’s largest economy, is experiencing a steep manufacturing slump driven by trade tensions, weak global growth and Brexit uncertainty.

Germany’s car industry has been especially hard hit by the downturn, which comes as automakers are already weighed down by the huge investments needed to shift to the cleaner, smarter cars of tomorrow. Major companies like Volkswagen, Daimler and car supplier Continental have announced tens of thousands of job cuts for the coming years.


Japan’s ANA Holdings says buying 20 more Boeing 787 Dreamliners

Updated 25 February 2020

Japan’s ANA Holdings says buying 20 more Boeing 787 Dreamliners

  • The price tag for the purchases was not disclosed
  • Planes expected to go into service between financial years 2022 and 2025

TOKYO: Japan’s ANA Holdings said Tuesday it will buy 20 new Boeing 787-10 and 787-9 aircraft, with the planes expected to go into service between 2022 and 2025.
The order will be made up of 11 787-10 aircraft, which will serve domestic routes, and nine 787-9 planes for international destinations.
The price tag was not disclosed.
All Nippon Airways has been gradually replacing its Boeing 777s with 787s, citing better fuel efficiency and a reduction in noise emissions.
Once all 20 of the newly ordered planes go into service, ANA will operate some 103 787s, the firm said.
“Boeing’s 787s have served ANA with distinction, and we are proud to expand our fleet by adding more of these technologically advanced aircraft,” said Yutaka Ito, executive vice president of ANA and ANA Holdings, in a statement.
“These planes represent a significant step forward for ANA as we work to make our entire fleet more eco-friendly and to reduce noise output,” Ito added.