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EU’s Lending Arm Delays Vote on Limiting Fossil-Fuel Financing

  • EIB is meeting on climate-friendly energy lending strategy
  • Green lobbies say Germany is seeking to soften proposal
MOL Hungarian Oil & Gas Plc Refinery As Oil Trades Near Three-Month High
Photographer: Akos Stiller/Bloomberg
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The European Investment Bank stopped short of agreeing a strategy to limit funding for fossil fuels, a plan that would help step up Europe’s ambition to fight climate change.

The board of the Luxembourg-based lending arm of the European Union decided at a meeting on Tuesday to postpone until Nov. 14 discussion on a new strategy that includes increased support for clean-energy projects, according to the CEE Bankwatch Network lobby. The EIB declined to comment immediately.