EU bank to focus solely on clean energy sources starting in 2022

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The European Investment Bank says it will end financing for fossil fuel energy projects at the end of 2021.

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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