A preliminary text agreed by EU member states calls on the European Investment Bank to stop funding fossil fuel projects, in what would be a ...
BRUSSELS: A preliminary text agreed by EU member states calls on the European Investment Bank to stop funding fossil fuel projects, in what would be a breakthrough in the bloc's climate policy and a blow to the coal, gas and oil industries.
The EU"encourages the MDBs to adopt responsible investment policies and to phase out financing of fossil fuel projects, in particular those using solid fossil fuels, taking into account the sustainable development and energy needs of partner countries," the document said. The text will be discussed at a meeting of the EU's top diplomats later on Wednesday. Two EU officials said negotiations were still under way and the text could be changed and softened.EU countries have long been divided over this matter. Some support the move while others, like Germany, Italy, Poland and Latvia, want the EIB to keep funding some types of gas projects to help them move away from coal or nuclear power, or for energy security reasons.
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