EU Lending Bank To End All Fossil Fuel Financing By 2020

After years of pressure from environmental campaigners, the European Investment Bank, the lending arm of the European Union, has proposed to end financing for all fossil fuels by 2020. It would be the first multilateral financial institution to make such a commitment.

It may have been the tough confirmation battle of the incoming European Commission President Ursula von der Leyen that convinced the EIB to make the policy change. During her meetings with European Parliament political groups ahead of her confirmation vote, Von der Leyen embraced the idea of French President Emmanuel Macron to create a European climate bank, saying she would transform the EIB into such an entity.


Demonstrators display a banner calling for the EU's lending arm to stop all investments in fossil fuels at the One Planet summit organized by Emmanuel Macron (Paco Freire/SOPA Images/LightRocket via Getty Images) GETTY

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