EU development bank plans to switch off funding for fossil fuels

The European Investment Bank plans to stop financing energy projects based on fossil fuels by the end of 2020, prioritising instead projects that help cut greenhouse gas emissions

The European Investment Bank will stop financing energy projects based on fossil fuels by the end of 2020, prioritising instead projects that help cut greenhouse gas emissions, according to a policy paper to be discussed by EU finance ministers in September.

Oil and gas production, natural gas infrastructure and fossil fuel based power generation would no longer be considered for financing by the EIB’s board of directors, and a separate energy transition fund is to be established, according to the draft plan.

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