Worried by climate change, EU moves to end fossil fuel funding
The European Union should phase out its funding of oil, gas and coal projects, EU finance ministers said in a joint statement on Friday, in a move that could mark a major shift in the bloc’s efforts to combat climate change.
It is the first time EU finance ministers have backed a declaration urging an end to fossil fuels funding altogether, having called previously only for an end to funding for coal power plants.
An outright phase-out could halt multi-billion-euro financing of fossil fuel projects by the European Investment Bank (EIB), the EU’s financial arm.
Last year, the EIB funded nearly 2 billion euros ($2.10 billion) of fossil fuel projects. Since 2013, such funding has amounted to 13.4 billion euros, EIB data show.
However, gas projects in Ukraine, Croatia and other EU partners might still be funded after Hungary pushed for a waiver, fearing those countries would otherwise need to rely on Russia, confidential documents seen by Reuters show.
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