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


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