The European Investment bank in its latest draft policy document which it released Friday, proposes to “phase out support to energy projects reliant on fossil fuels” while ramping up its support for renewable energy.
The move is seen as a part of the European Union’s effort to meet emission targets in its bid to fight Climate Change. “Once in effect, this means that the bank will have a clear position not to support upstream oil or gas production, coal mining, infrastructure dedicated to coal, oil and natural gas (…), and power generation or heat production from fossil fuel sources,” according to the draft posted on the bank’s website.
The plan is on track to be put to the bank’s governors for approval in September.
The environmentalists hailed the decision and add that it is perfect timing, especially after the European nations, are facing the second heatwave this year.
Thanks for ditching fossil fuels, @EIB!
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