The EIB to end financing for fossil fuels

The European Investment Bank (EIB) has issued a new energy lending policy, confirming its enhanced action on climate and environmental sustainability.

“Climate is the top issue on the political agenda of our time,” said EIB president Werner Hoyer. “We will stop financing fossil fuels and we will launch the most ambitious climate investment strategy of any public financial institution anywhere.”

EIB will no longer consider new financing for unabated, fossil fuel energy projects, including gas, from the end of 2021 onwards; will aim to support €1tr of investments in climate action and environmental sustainability in the critical decade from 2021 to 2030; and increase the share of its financing dedicated to climate action and environmental sustainability to reach 50 per cent of its operations in 2025.

The decision ends an open and inclusive review process which involved industry, institutions, civil society, and the public at large. Intensive stakeholder engagement since January produced more than 149 written submissions from concerned organisations and individuals and petitions signed by more than 30,000 people.

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