EIB plans to cut all funding for fossil fuel projects by 2020
by Jillian Ambrose Energy correspondent from Environment | The Guardian on (#4M03H)
EU's lending arm financed oil, gas and coal projects in 2018 with more than a2.4bn
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.
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