European Investment Bank announces landmark decision to end funding for all fossil fuel projects by 2021
Posted on 14 November 2019
The European Investment Bank (EIB) today became the world’s first public lender to commit to ending funding for coal, oil and gas by 2021.
Responding to the news, Manuel Pulgar-Vidal, leader of WWF’s global climate and energy practice said: “We face our future every day when we experience unprecedented fires, floods, extreme cold, heatwaves and droughts. We need to step up our climate ambition if we are to have a chance to tackle the climate emergency. Ambition is about specific measures. And the European Investment Bank's announcement today that its new energy lending policy will exclude all fossil fuels projects from 2021 is an example of ambitious climate action.
"They have set a new global standard. All other banks, private and public, must follow suit. Cutting funding for polluting fossil fuel projects and switching to clean renewable energy is the least we must do to address this crisis.”
Margaret Kuhlow, global leader of WWF's Finance Practice said: "This is good news. Public finance needs to lead the way in the transition to decarbonized economies and all finance needs to be aligned with the 1.5°C target of Paris.”
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