The European Investment Bank announced Thursday that it will end financing for fossil fuel energy projects at the end of 2021, adding in a statement that future financing will focus on accelerating innovations in clean energy.
The EIB is the European Union's lending arm. Its new energy lending policy will"unlock 1 trillion euros of climate action and environmental sustainable investment" in order to enable energy decarbonisation, and meet a 32% renewable energy share throughout the European Union by 2030.
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