“…the Bank will phase out support to energy projects reliant on fossil fuels: oil and gas production, infrastructure primarily dedicated to natural gas, power generation or heat based on fossil fuels. These types of projects will not be presented for approval to the EIB Board beyond the end of 2020. While it fully understands the role fossil fuels will continue to play within EU energy systems for at least the coming decade, the Bank provides higher additionality by focusing on the longer-term challenge and investment needs of the energy sector. As a result, all the Bank’s activities in the energy sector will be fully aligned with the Paris Agreement.”
Fossil fuel-linked lending represents about 5% of the EIB’s portfolio, Reuters reported.
Petr Hlobil of CEE Bankwatch Network, an advocacy group, said in a press release:
“This draft shows commendable leadership from the EIB in becoming the first among public banks to commit to a total phaseout of investments in fossil fuels after 2020.”
The campaign group Greenpeace EU tweeted: “The bank’s board must now approve the plan without delay.”
BREAKING: The @EIB wants to stop new funding of all fossil fuels in 2020.