This archive report was first published on 15 November 2019.
Published on November 15, 2019, the European Investment Bank (EIB) has revealed plans to stop funding oil, gas, and coal projects by the end of 2021.
This decision will result in a significant reduction of €2 billion in yearly investments, a substantial shift in the bank's energy lending policy.
Under the new policy, energy projects applying for EIB funding will need to demonstrate that they can produce one-kilowatt hour of energy while emitting less than 250 grams of carbon dioxide, effectively excluding traditional gas-burning power plants.
The EIB has funded €13.4 billion of fossil fuel projects since 2013, and this move marks a significant departure from its previous stance.
The European Investment Bank is the European Union's non-profit long-term lending institution, and its shareholders are the EU member states.
