U.S., Nov. 15 -- The European Investment Bank (EIB), the long-term financing arm of the European Union (EU) focused on sustainable projects around the world, has announced that it will cease investment in fossil fuels projects by the end of 2021. Since 2014, the EIB has invested over E65bn in renewable energy, energy efficiency and energy distribution.
In a 14 November press release, the EIB laid out five principles through which it will conduct investments in the energy sector:
Focusing on energy efficiency to enable the EU's new target under the EU Energy Efficiency Directive;
Supporting decarbonisation through investment in low and zero carbon technologies, with the goal of facilitating a 32% renewable energy share across the EU's mem...