15 November 2019
The EIB, the world’s largest multilateral financial institution, described its decision as a “quantum leap” in ambition. “Climate is the top issue on the political agenda of our time,” said the bank’s president, Werner Hoyer. “We will stop financing fossil fuels and launch the most ambitious climate investment strategy of any public financial institution anywhere.”
The decision to prioritise renewable and efficient energy follows a policy promise by the incoming European commission president, Ursula von der Leyen, to turn the EIB into a “climate bank”, unlocking a potential €1tn in funds to help move Europe’s economy toward cleaner energy.