European Investment Bank Pursues 1.5ºC Climate Goal By Ending Support For Fossil Fuel Projects

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The European Investment Bank and other multilateral development banks will align their policies to meet the goals of the Paris Agreement, which aims to limit the increase in global temperatures to 1.5°.

Therefore the European Investment Bank plans to move away from oil and gas and will stop supporting energy projects that are reliant on fossil fuels, oil and gas production, infrastructure primarily dedicated to natural gas, and power generation or heat based on fossil fuels by the end of 2020. To alleviate climate risks through its lending and business activities it will analyze the risks, mitigate them and set up climate-resilience goals. Pushing for sustainability in the finance sector is in accordance with the Action Plan on Sustainable Finance by the European Commission and the proposed Regulation on Disclosures Relating to Sustainable Investment and Sustainability Risks.

Read more here and here.

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