The European Investment Bank Has Quit Fossil Fuels. Now What?

By [email protected] COPENHAGEN — With an annual outlay in the energy sector of €15 billion ($16.6 billion), the European Investment Bank is one of the sector’s biggest lenders.

And for every euro the EIB puts into a project or business, around seven more are invested by the private sector. That’s around €120 billion ($133 billion) of public and private investment in the energy sector that stems from the EIB’s choices. According to the International Energy Agency, global renewables investment in 2018 amounted to $300 billion.

So the EIB’s confirmation last month that it would effectively end support for fossil fuels garnered widespread attention —

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