EU’s lending arm plans to phase out fossil-fuel funding

By Jonathan Stearns and Ewa Krukowska, Bloomberg

The European Investment Bank plans to stop funding fossil fuels starting in 2021 as Europe steps up the fight against climate change.

The Luxembourg-based EIB, the European Union’s lending arm, aims to increase support for clean-energy projects as the EU crafts stronger policies to counter the more frequent heat waves, storms and floods tied to global warming. Fossil fuels such as coal, oil and natural gas are leading contributors to climate change.


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