European Union moves to end fossil fuel funding

The European Union should phase out its funding of oil, gas and coal projects, EU finance ministers said in a joint statement on Friday, in a move that could mark a major shift in the bloc’s efforts to combat climate change.

It is the first time EU finance ministers have backed a declaration urging an end to fossil fuels funding altogether, having called previously only for an end to funding for coal power plants.

An outright phase-out could halt multi-billion-euro financing of fossil fuel projects by the European Investment Bank (EIB), the EU’s financial arm.

Last year, the EIB funded nearly 2 billion euros ($2.10 billion) of fossil fuel projects. Since 2013, such funding has amounted to 13.4 billion euros, EIB data show.


Source: Reuters