European Investment Bank

European Investment Bank drops fossil fuel funding

The European Union is to stop funding oil, gas and coal projects at the end of 2021, cutting €2bn (£1.7bn) of yearly investments.

by BBC, November 14, 2019

The European Investment Bank (EIB), the EU’s financing department, will bar funding for most fossil fuel projects.

The ban will come into effect a year later than originally proposed after lobbying by EU member states.

Since 2013, the EIB has funded €13.4bn of fossil fuel projects.

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