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European Investment Bank may ban funding for fossil fuel energy

The aim is to help fulfill the Paris Agreement’s goal of preventing average global temperatures from rising more than 2° Celsius above pre-industrial levels, or 1.5° if possible.

London's defunct coal-fired Battersea Power Station
London's defunct coal-fired Battersea Power Station (AN/Oliver Mallich)

The European Union's investment bank and nonprofit lending arm put forward a climate-oriented proposal that would prevent it from providing any new financing for fossil fuel-based power projects.

Though the policy it proposed on Friday has yet to be approved, the more than 60-year-0ld European Investment Bank is sending a strong signal to policy-makers, energy markets and suppliers.

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