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EU Bank will stop financing for fossil fuel energy

The European Investment Bank (EIB) has agreed a new energy lending policy that shows increased ambition in climate action: “Following a long discussion we have reached a compromise to end the financing by the EU Bank of unabated fossil fuel projects, including gas, from the end of 2021”, said Andrew McDowell, EIB Vice-President in charge of energy.

In 2013, the EIB has already decided to end financing for coal and lignite power generation through adoption of a strict Emissions Performance Standard.

Furthermore, the EIB Group wants to support EUR 1 trillion of investments in climate action and environmental sustainability between 2021 to 2030.

EUR 1.5 billion of new financing will support renewable energy and energy efficiency projects around the globe, including support for new wind farms in Austria and Lebanon, 15 new solar power plants across Spain, as well as small-scale climate action and renewable energy projects in France, Kazakhstan, the South Caucasus, Latin America and Africa.

Image: Pixabay

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Written by Sonja

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