EU stops funding fossil fuels
The European Investment Bank (EIB), the European Union’s financing department, will cease funding for nearly all fossil-fuel projects by the end of 2021.
EU finance ministers last week unanimously backed the phasing out of fossil-fuel project funding in order to help slow the climate crisis. Last year, for example, to demonstrate scale, the EIB funded €2 billion of fossil-fuel projects.
“We will stop financing fossil fuels, and we will launch the most ambitious climate investment strategy of any public financial institution anywhere,” EIB President Werner Hoyer said in a statement.
Andrew McDowell, EIB vice president in charge of energy reportedly said that the decision came after the lender’s “largest ever public consultation”.
“This is aligning our energy-lending strategy with the EU policy ambitions, the EU climate and energy targets by 2030 as well as the requirement of the Paris accord,”
Since 2013, the EIB has funded €13.4bn of fossil fuel projects.
Source / More : Media
Please email us your industry related news for publication [email protected]
Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook
Most News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles
OilAndGasPress welcomes all viewpoints. Should you wish to provide a different perspective on the above article, please email us [email protected]