ECB's quantitative easing programme investing billions in fossil fuels

EU emissions pledge could be undermined by bank's investments in oil, gas and auto industries, new analysis shows

The European Central Bank's (ECB) quantitative easing programme is systematically investing billions of euros in the oil, gas and auto industries, according to a new analysis.

The ECB has already purchased a46bn (39bn) of corporate bonds since last June in a bid to boost flagging eurozone growth rates, a figure that some analysts expect to rise to a125bn by next September. On Thursday the bank said it would extend the scheme until 2018.