Energy

European Investment Bank to scrap funding for fossil fuel projects

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Florian Gaertner | Photothek | Getty Images

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.

“Climate is the top issue on the political agenda of our time,” Werner Hoyer, the EIB’s president, said in a statement. “Scientists estimate that we are currently heading for 3-4°C of temperature increase by the end of the century,” he added. “If that happens, large portions of our planet will become uninhabitable, with disastrous consequences for people around the world.” 

The European Union’s (EU) lending arm, the EIB describes itself as the…



Source cnbc.com

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