Sun. Oct 25th, 2020

European Investment Bank to phase out fossil fuels financing

EU’s lending arm to become first ‘climate bank’ by ending financing of oil, gas, and coal projects after 2021

The European Investment Bank has agreed to phase out its multibillion-euro financing for fossil fuels within the next two years to become the world’s first ‘“climate bank”.

The bank will end its financing of oil, gas, and coal projects after 2021, a policy that will make the EU’s lending arm the first multilateral lender to rule out financing for projects that contribute to the climate crisis.

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