The European Investment Bank has vowed to end its multibillion euro financing for fossil fuel projects by the end of next year in order to align its strategy with climate targets.
The EU’s lending arm has drafted plans, seen by the Guardian, which propose cutting support for energy infrastructure projects which rely on oil, gas or coal by barring companies from applying for loans beyond the end of 2020.
The EIB said its focus on long-term investments means that it must align with the Paris Agreement which aims to cap global heating at 1.5C above 1990 levels by cutting greenhouse gas emissions.
