Concerns as EU bank balks at plan to halt fossil fuel investments

Last-minute lobbying forces delay to ambitious move by European Investment Bank

The European Investment Bank (EIB) has balked at a proposal to halt new investments in fossil fuels, raising concerns that Germany and other nations are plotting to water down what would be one of the financial sector's most ambitious climate moves.

The EIB, the largest public bank in the world, announced this year that it would end lending to new gas projects, having already curtailed funding for coal and oil. This would free up more money for renewable energy developments. The details of the plan were expected to be confirmed by a board meeting of EU finance ministers on Tuesday but last-minute lobbying has forced a postponement.