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EU bank to stop fossil fuel funding

The European Investment Bank (EIB) has announced it won’t fund fossil fuel projects post-2021. Part of the bank’s strategy to unlock €1 trillion of climate action investment by 2030, it will help pave the way for plans to achieve a ‘climate neutral European economy by 2050’. And mean prioritising the financing of clean power and energy efficiency projects.

EIB President Werner Hoyer said: “We will stop financing fossil fuels and we will launch the most ambitious climate investment strategy of any public financial institution anywhere.”

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