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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