Green finance group call on EU to stop funding fossil fuels

13 Jul Green finance group call on EU to stop funding fossil fuels

13 July, the EU’s high-level group on sustainable finance published its interim report  prompting the European Union to stop all public funding for fossil fuel industries such as coal, oil and gas.

The upcoming revision of the EU’s multi-annual budget is “a significant opportunity” to increase investments in clean technologies and “explicitly exclude fossil fuels and other unsustainable projects” from public funding, the group wrote in its report. Public money should be geared towards “only supporting renewable energy and energy and resource efficiency”, the report added.

The EU high-level group on sustainable finance was set up by the European Commission last December to look into ways of nudging the financial system towards long-term environmental and social objectives.

Full report available here