Climate campaigners cheered on Friday after the European Investment Bank revealed a proposal to phase out funding for fossil fuel projects by the end of 2020.
In a nod to activists pushing for a “fossil-free EIB,” the financing institution, which is the lending arm of the E.U., said the climate-friendly plan came after listening “to NGOs, public institutions, and a variety of stakeholders to review our energy lending policy.”
“If that doesn’t give you that happy #FridayFeeling we don’t know what will,” tweeted the European arm of Food & Watch Watch.
Other groups took to Twitter the celebrate the development as well:
In a draft paper (pdf) on its new energy lending policy dated July 24 and released on Friday, the EIB says:
The EIB also shared video of bank vice president Andrew McDowell summing up the new proposals, which he said would be in line with the “need to support the energy infrastructure of the future.”
As McDowell said in the video, the proposal still needs the nod of approval of the EIB’s board of directors, which is comprised of E.U. finance ministers. They are set to discuss the proposal in September.
350 Europe pointed to that crucial step and also suggested the E.U. Commision and national governments follow suit with climate leadership.
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