LONDON (Reuters) – European Union governments approved a 1 trillion euro ($1.2 trillion) green “roadmap” for the bloc’s lending arm on Wednesday that will see it stop financing fossil fuel projects and airport expansions, though climate groups said it did not go far enough.
The European Investment Bank’s (EIB) “Climate Bank” plan had been in discussion since last year when it was laid out as a sign of the EU’s intent to lead on the fight against climate change.
The 1 trillion euros is to be spent by 2030 on climate-, biodiversity- and sustainability-focused projects. The bank says “all financing activities” will also be aligned with the Paris climate agreement by the end of this year.
“It is a major contribution to Europe’s role leading the way toward decarbonisation and a green, resilient and socially inclusive economy,” EIB President Werner Hoyer said in statement.
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