EU Bank To Stop Funding Fossil Fuels In 'Landmark Decision'
Arthur T Knackerbracket has found the following story:
The European Union's investment arm said Thursday it will stop funding fossil fuel projects from 2022 as part of a new strategy aimed at fighting climate change, in a decision environmental campaigners hailed as a "significant victory".
The European Investment Bank, the world's largest multilateral lender, had been criticised by climate groups for funding gas projects that potentially threatened the EU's commitment to the Paris climate goals.
But despite gas proving a potential sticking point, the EIB's board of directors-composed of state representatives and the European Commission-approved the new energy policy on Thursday.
"We will stop financing fossil fuels, and we will launch the most ambitious climate investment strategy of any public financial institution anywhere," EIB President Werner Hoyer said in a statement.
The EIB said the new energy plan would also "unlock" one trillion euros ($1.1 trillion) of climate action and environmentally sustainable investment over the next decade.
[...] Nineteen EU member states including France and Germany voted for the new policy, according to Greenpeace and the World Wildlife Fund (WWF).
But three countries-Poland, Romania and Hungary-voted against, wanting more flexibility for gas funding, as did Estonia, Lithuania, Cyprus and Malta, which abstained.
Austria and Luxembourg also abstained, objecting to nuclear power being eligible for funding under the new policy, Greenpeace and the WWF said.
The European Commission said it supported the new policy, and it voted in favour.
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