In boost to climate policy, EU makes first move to end fossil fuel funding

FILE PHOTO – Smoke and steam billow from smokestacks of factories near Chalampe, Eastern France, February 9, 2012. REUTERS/Philippe Wojazer BRUSSELS (Reuters) – A preliminary text agreed by EU member states calls on the European Investment Bank to stop funding fossil fuel projects, in what would be a breakthrough in the bloc’s climate policy and a blow to the coal, gas and oil industries. The document, seen by Reuters, was agreed on Tuesday by mid-ranking representatives of the EU’s 28 national governments, but still needs the green light from more senior diplomats. The text for the first time calls on the European Investment Bank (EIB), a multilateral development bank (MDB) and the bloc’s top lender, to bring to an end its multi-billion-euro funding of fossil fuel projects in a bid to reduce carbon emissions. The EU “encourages the MDBs to adopt responsible investment policies and to phase out financing of fossil fuel projects, in particular those using solid fossil fuels, taking into account the sustainable development and energy needs of partner countries,” the document said. EIB figures show the bank funded almost 2 billion euros ($2.2 billion) of fossil fuel projects last year and 13.4 billion euros worth since […]

Click here to view original web page at In boost to climate policy, EU makes first move to end fossil fuel funding