Skip to content

European Investment Bank may ban funding for fossil fuel energy

The aim is to help fulfill the Paris Agreement’s goal of preventing average global temperatures from rising more than 2° Celsius above pre-industrial levels, or 1.5° if possible.

London's defunct coal-fired Battersea Power Station
London's defunct coal-fired Battersea Power Station (AN/Oliver Mallich)

The European Union's investment bank and nonprofit lending arm put forward a climate-oriented proposal that would prevent it from providing any new financing for fossil fuel-based power projects.

Though the policy it proposed on Friday has yet to be approved, the more than 60-year-0ld European Investment Bank is sending a strong signal to policy-makers, energy markets and suppliers.

This article is for paying subscribers only

Join now

Already have an account? Log in