European Investment Bank to scrap funding for fossil fuel projects

The European Investment Bank describes itself as the world's "biggest multilateral financial institution."Florian Gaertner | Photothek | Getty Images

"Climate is the top issue on the political agenda of our time," Werner Hoyer, the EIB's president, said in a statement. "Scientists estimate that we are currently heading for 3-4°C of temperature increase by the end of the century," he added. "If that happens, large portions of our planet will become uninhabitable, with disastrous consequences for people around the world.

"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," Andrew McDowell, the EIB's vice-president in charge of energy, said.

Excellent decision. They are not held hostage by the oil companies like America is. They will be independent of fossil fuel much sooner than America. They have already proven with Rail Systems which America has little, blocked by oil companies.

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