EU’s investment bank to end funding for fossil-fuel projects in two years

Eric Vidal/Reuters

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 Nov. 5.In the letter, McDowell suggested pushing back the originally proposed end of fossil fuel lending from the end of 2020 to end of 2021, something the European Commission has lobbied for.

globebusiness Another reason to stay away from the EU

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