European Development Finance Institutions to cease new coal or fuel oil financing by 2030

The organisation which manages $50bn of assets has committed to having a net zero portfolio by 2050 at the latest

The Association of European Development Finance Institutions (EDFI) has unveiled plans to exit new coal or fuel oil financing by 2030.

The organisation, which manages $50 billion (£38.3bn), has also announced its 15 member institutions will align all new financing decisions with the objectives of the Paris Agreement by 2022 and will ensure that their portfolios achieve net zero emissions by 2050 at the latest.

Søren Peter Andreasen, Chief Executive Officer of EDFI, said: “As taxpayer-funded organisations, we are committed to promoting green growth, climate adaptation and resilience, nature-based solutions, access to green energy and a just transition to a low carbon economy.

“Today’s announcement underlines that commitment.”

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