EXCLUSIVE-European Development Finance group to exit fossil fuel investments by 2030
(Reuters, 5 Nov 2020) The move comes a week before world's 450 development banks meet for the first time to discuss accelerating efforts to fight climate change and boost sustainable development.
A group of European development finance institutions (DFIs) managing $50 billion said on Thursday they planned to stop lending money to fossil fuel projects by the end of the decade.
The Association of European Development Finance Institutions (EDFI), whose 15 government-owned members invest across emerging and frontier markets, also said it would align all new lending to the Paris Agreement on climate change by 2022.
It would also ensure that all investment portfolios achieve net-zero carbon emissions by 2050 at the latest.
"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," EDFI Chief Executive Søren Peter Andreasen told Reuters in a statement.