EU bank to stop funding fossil fuel projects in 2 years

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BERLIN – The European Investment Bank said Thursday that it will stop financing fossil fuel energy projects from the end of 2021 as part of an effort to fight climate change.

 

 

The decision, which ends fossil fuel funding a year later than initially proposed, follows lengthy negotiations among European Union member states, the bank’s shareholders.

 

“We will stop financing fossil fuels and we will launch the most ambitious climate investment strategy of any public financial institution anywhere,” the EIB’s president, Werner Hoyer, said in a statement.

 

Calling climate “the top issue on the political agenda of our time,” Hoyer noted scientis…

Keep on reading: EU bank to stop funding fossil fuel projects in 2 years

The Philippine Daily Inquirer, popularly known as the Inquirer, is an English-language newspaper in the Philippines. Founded in 1985, it is often regarded as the Philippines' newspaper of record.

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