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The European Investment Bank (EIB) has announced it will stop financing for fossil fuel energy projects, after its board reached agreement on a new energy lending policy following a meeting on Thursday.
“Climate is the top issue on the political agenda of our time,” Werner Hoyer, the EIB’s president, said in a statement. “Scientists estimate that we are currently heading for 3-4°C of temperature increase by the end of the century,” he added. “If that happens, large portions of our planet will become uninhabitable, with disastrous consequences for people around the world.”
The European Union’s (EU) lending arm, the EIB describes itself as the world’s “biggest multilateral financial institution.” Its shareholders are the EU’s 28 member states, and its headquarters are in Luxembourg.
“Following a long discussion we have reached a compromise to end the financing by the EU Bank of unabated fossil fuel projects, including gas, from the end of…