EIB Plans to Cut All Funding for Fossil Fuel Projects by 2020

EU’s lending arm financed oil, gas,  and coal projects in 2018 with more than €2.4bn.

The European Investment Bank has vowed to end its multibillion euro financing for fossil fuel projects by the end of next year in order to align its strategy with climate targets.

The EU’s lending arm has drafted plans, seen by the Guardian, which propose cutting support for energy infrastructure projects which rely on oil, gas, or coal by barring companies from applying for loans beyond the end of 2020.

The EIB said its focus on long-term investments means that it must align with the Paris Agreement which aims to cap global heating at 1.5C above 1990 levels by cutting greenhouse gas emissions.

“This transition will be profound.  Solidarity is required to ensure that potentially vulnerable groups or regions are supported,” the EIB report said.

Read more at EIB Plans to Cut All Funding for Fossil Fuel Projects by 2020