European Investment Bank proposes end to fossil fuel lending

LONDON - The European Investment Bank wants to stop funding new fossil fuel-reliant projects by the end of 2020, a draft of the EU lending arm’s new energy strategy showed on Friday.

The development bank proposed phasing out support to energy projects that were “reliant on fossil fuels: oil and gas production, infrastructure primarily dedicated to natural gas, power generation or heat-based on fossil fuels.” The EIB board, which is made up mostly of EU finance ministers, is expected to discuss the proposals at a meeting in September, though a final decision could take longer.

“This long-term transition is profound. Solidarity is required to ensure that potentially vulnerable groups or regions are supported,” the EIB proposal document said.

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