The European Investment Bank’s low carbon investments continue to be tarnished by financing for gas and other fossil fuel infrastructure that will endanger long term climate targets, UN talks in Bonn heard on Tuesday.
The EIB said today its board had approved €9.2 billion of new financing, around 40% of which is earmarked for renewables and other low carbon investments in the EU and in Africa, Asia and Latin America.
But a new study authored by several environmental groups said the European Fund for Strategic Investments (EFSI) also known as the ‘Juncker Plan’, has provided €1.85bn for fossil energy since its inception in 2015, almost 30% of its total energy loans.
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