One of the Largest Banks in the World Will Stop Fossil Fuel Lending in by 2022

One of the Largest Banks in the World Will Stop Fossil Fuel Lending in by 2022

The European Investment Bank (EIB) in what some called a “game-changer” announced at the end of last week that it will phase out funding for fossil fuel projects by the end of 2021, dealing a major blow to oil and gas companies.  Instead, according to The Wall Street Journal, the bank will “use €1 trillion ($1.1 trillion) for climate-change action and environmentally sustainable investment by 2030 and help the EU reach 32% renewable energy across the bloc by 2030.”

Why This Matters:  We can think of 1.1 trillion reasons.  And this policy covers ALL fossil fuels including traditional natural gas projects.

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