European Investment Bank to cease funding fossil fuel projects by end-2021 | Malay Mail

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BRUSSELS, Nov 15 — The European Investment Bank said yesterday it would stop funding fossil fuel projects at the end of 2021, in a landmark decision. The bank’s new energy lending policy, which was approved with “overwhelming” support, will bar most fossil fuel projects, including...

Friday, 15 Nov 2019 07:05 AM MYT

The bank’s new energy lending policy, which was approved with “overwhelming” support, will bar most fossil fuel projects, including traditional use of natural gas, bank vice president, Andrew McDowell told reporters in a call.The ban on funding comes into effect a year later than originally proposed after lobbying by European Union member states.

Environmental organisations celebrated the EIB decision, but expressed disappointment at the one year delay. A decision on fossil fuel funding was planned already last month, but was postponed due to divisions within the bloc as some countries wanted gas funding to continue, prompting McDowell to write a letter to the bank’s current 28 shareholders, the EU member states, on November 5.

 

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