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EU finance ministers said in a joint statement on Friday that the bloc should phase out financing for oil, gas and coal projects, a move that could mark a major change in the bloc's efforts to combat climate change
.
This is the first time EU finance ministers have backed a declaration urging a complete end to fossil fuel financing, after calling only for an end to funding coal-fired power plants
.
A complete phase-out could halt billions of euros of financing fossil fuel projects by EU financial institutions
, the European Investment Bank (EIB).
Last year, the European Investment Bank financed nearly 2 billion euros ($2.
1 billion) in fossil fuel projects
.
EIB data shows that since 2013, such funds have reached 13.
4 billion euros.
However, Reuters revealed that gas projects in Ukraine, Croatia and other EU partners may still receive funding after Hungary announced that it would abandon the exemption due to concerns that these countries would otherwise need to rely on Russia
.
Although the EU is the top "funder" of global projects aimed at tackling global warming, it is ironic that the EU also funds fossil fuels, as most of its 28 member states support natural gas projects to reduce dependence
on nuclear or coal.
However, EU ministers called on the European Investment Bank and other global financial institutions, such as the World Bank, in a joint statement on Friday to "phase out fossil fuel projects, especially the financing
of projects using solid fossil fuels, taking into account sustainable development.
" ”
However, the finance minister's political declaration needs to be supported by a formal decision of the EIB Council, which is made up of
representatives of 28 EU countries.
Previously, there was a decision by the EIB to stop providing funding for fossil fuels from next year, but due to disagreements within the EU, the EU's decision was delayed because some countries, including Germany, Italy and Poland, want to continue providing gas funding
.
EU officials said the Board of Governors of the European Investment Bank will meet Nov.
14 to put its fossil fuel policy on its agenda
.
EU finance ministers said in a joint statement on Friday that the bloc should phase out financing for oil, gas and coal projects, a move that could mark a major change in the bloc's efforts to combat climate change
.
This is the first time EU finance ministers have backed a declaration urging a complete end to fossil fuel financing, after calling only for an end to funding coal-fired power plants
.
A complete phase-out could halt billions of euros of financing fossil fuel projects by EU financial institutions
, the European Investment Bank (EIB).
Last year, the European Investment Bank financed nearly 2 billion euros ($2.
1 billion) in fossil fuel projects
.
EIB data shows that since 2013, such funds have reached 13.
4 billion euros.
However, Reuters revealed that gas projects in Ukraine, Croatia and other EU partners may still receive funding after Hungary announced that it would abandon the exemption due to concerns that these countries would otherwise need to rely on Russia
.
Although the EU is the top "funder" of global projects aimed at tackling global warming, it is ironic that the EU also funds fossil fuels, as most of its 28 member states support natural gas projects to reduce dependence
on nuclear or coal.
However, EU ministers called on the European Investment Bank and other global financial institutions, such as the World Bank, in a joint statement on Friday to "phase out fossil fuel projects, especially the financing
of projects using solid fossil fuels, taking into account sustainable development.
" ”
However, the finance minister's political declaration needs to be supported by a formal decision of the EIB Council, which is made up of
representatives of 28 EU countries.
Previously, there was a decision by the EIB to stop providing funding for fossil fuels from next year, but due to disagreements within the EU, the EU's decision was delayed because some countries, including Germany, Italy and Poland, want to continue providing gas funding
.
EU officials said the Board of Governors of the European Investment Bank will meet Nov.
14 to put its fossil fuel policy on its agenda
.
