EU finance ministers call to end fossil fuel investment

In a joint statement, finance experts from the EU have said divesting from oil, gas and coal projects would signal a significant shift in the region’s efforts to tackle emissions, pollution and climate change

EU finance ministers have called on the European Investment Bank (EIB) to stop investing in fossil fuel energy projects.

In a joint statement published on Friday, ministers said phasing out the funding of oil, gas and coal could signal a significant shift in the region's efforts to tackle emissions, pollution and climate change.

It is the first time they have backed a declaration urging an end to fossil fuels funding altogether - the finance experts also called on other international financing organisations to "phase out financing of fossil fuel projects, in particular those using solid fossil fuels, taking into account the sustainable development and energy needs, including energy security, of partner countries".

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