The European Investment Bank (EIB) has announced plans to stop financing fossil fuel projects by the end of 2020.
In its draft policy statement, the EIB says it will phase out support for "oil and gas production, infrastructure primarily dedicated to natural gas, power generation or heat based on fossil fuels".
It notes that the transition may be difficult for some nations that are reliant on fossil fuels, including "potentially vulnerable groups or regions", so it plans to create an "Energy Transition Package" offering advisory services, and will aim to create jobs by funding projects in regions that are actively moving away from fossil fuels.
It adds that the transition is in line with the 2020 Paris Agreement, and that to meet the 2030 deadline for decarbonisation, EU member states will have to double the amount of renewable power they generate.
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