EIB moves to stop funding most fossil fuel projects

Category: Climate Change

The European Investment Bank (EIB) yesterday adopted its new energy lending policy, which would see it end funding to most new fossil fuel projects from the end of 2021 – in a big step forward in the campaign for a fossil-free Europe. This is also the result of campaigns by European organizations calling for the bank to stop financing harmful projects as early as 2020.

Under the policy, from the end of 2021 the world's biggest multilateral bank will end new lending to fossil fuel infrastructure projects. This is a strong signal to the industry and governments that they must stop developing new fossil fuel projects NOW.