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European Investment Bank to scrap funding for fossil fuel projects

European Investment Bank to scrap funding for fossil fuel projects

15.11.2019

Eu ropean Investment Bank to scrap funding for fossil fuel projects

Board reaches agreement on new energy lending policy following a meeting.

The European Investment Bank (EIB) has announced it will stop financing for fossil fuel energy projects, after its board reached agreement on a new energy lending policy following a meeting on Thursday.

"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.

The EIB said Thursday that it was also setting a new emissions performance standard for projects. This will be 250 grams of carbon dioxide per kilowatt hour. It will replace the 550 grams of carbon dioxide per kilowatt hour that is currently being used.

Read more: CNBC

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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