The European Commission welcomed the decision of the European Investment Bank (EIB) Group to cease funding for fossil fuel projects in two years, saying it would help the bank fully observe the landmark Paris climate deal
BRUSSELS (Pakistan Point News / Sputnik - 15th November, 2019) The European Commission welcomed the decision of the European Investment Bank (EIB) Group to cease funding for fossil fuel projects in two years, saying it would help the bank fully observe the landmark Paris climate deal.
The bank announced a decision on Wednesday.
"The Commission supports the new energy lending policy of the European Investment Bank (EIB) Group adopted at the EIB Board meeting today, which will help the Bank achieve full alignment with the Paris Agreement. The Commission voted in favour of the proposal," the commission said in a press release late on Wednesday.
"The Commission supports an increase of low carbon energy financing, which will also lead to a gradual phase-out of support for fossil fuel projects, including natural gas," the press release added.
