European Investment Bank ends fossil fuel financing, impacting global energy projects
What happened
The European Investment Bank ended its financing for fossil-fuel projects at the close of 2021. This policy shift occurs amid a global need for clean cooking fuels, as over a billion sub-Saharan Africans lack access to clean energy for cooking.
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Why it matters
The EIB's decision to cease fossil fuel financing affects the availability of funding for energy infrastructure projects globally. This move is part of a broader effort to address household air pollution, which the World Health Organization estimates causes millions of premature deaths annually.
From americanthinker.com
Who's involved
- European Investment BankThe lending arm of the European Union that ended fossil fuel project financing
- European CommissionThe executive branch of the European Union that the EIB functions as a financial arm of
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
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The entities involved
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European Investment Bank
body of the European Union providing funding for projects fostering EU aims, both within and outside the EU
Related events
- The European Investment Bank (EIB) and European Investment Fund (EIF) are providing significant financing for technological leadership, infrastructure, and reconstruction projects across Europe, including Ukraine.
- Jamieson Greer pressed the European Union for information regarding an EIB loan.
- EIB and Bank of Uganda signed a cooperation agreement to provide technical assistance and strengthen Uganda's financial sector.
- The European Investment Bank promotes EU climate and environmental objectives and backs an inaugural green bond for German grid expansion.
- The Government of Canada and the European Investment Bank signed a Framework Agreement for investment at the EU-Canada Summit in Montréal.