UK government development bank to end fossil fuel financing

CDC Group's climate strategy will stop support for most polluting projects in developing countries

The UK government's overseas development bank has bowed to calls to end fossil fuel financing abroad by promising to invest only in companies that align with the Paris climate agreement.

The CDC Group revealed its new climate strategy, which will end support for the most polluting fossil fuel projects, including the production of oil and coal, and channel almost a third of its spending towards climate finance.