Climate Change

Europe / Investment Bank Announces Plans To Stop Financing Fossil Fuels

By David Dalton
15 November 2019

Investment Bank Announces Plans To Stop Financing Fossil Fuels
The European Investment Bank announced it will stop financing fossil fuels and will launch the most ambitious climate investment strategy of any public financial institution anywhere.

In a statement today the bank said it will end financing for fossil fuel energy projects from the end of 2021, saying future financing will accelerate clean energy innovation, energy efficiency and renewables.

The statement did not mention nuclear energy, but said it would increase support for “low or zero-carbon technology”. It said it wants to unlock €1 trillion of climate action and environmental sustainable investment in the decade to 2030.

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