The European Investment Bank (EIB) has delayed a decision on stopping its backing of fossil fuel projects to further discuss the future financing of gas schemes. In an interview with EURACTIV, EIB President Werner Hoyer said that he would not be able to make any decisions until after next week’s meeting in Brussels. He has suggested an end to fossil fuel lending, which reached almost €2bn ($2.2bn) last year, by 2020. However, Germany, Italy, Poland and Latvia want the bank to continue backing gas projects to help the transition from coal and nuclear power. The decision is now expected to be made in November.
The European Investment Bank (EIB) has delayed a decision on stopping its backing of fossil fuel projects to further discuss the future financing of gas schemes. EIB president, Werner Hoyer, wants the bank to lead a move towards sustainable investments. He has suggested an end to fossil fuel lending, which reached almost €2bn ($2.2bn) last year, by 2020. However, Germany, Italy, Poland and Latvia want the bank to continue backing gas projects to help the transition from coal and nuclear power. The decision is now expected to be made in November.