The European bank which funds international development will cease paying for coal projects in a bid to reduce carbon emissions, it announced yesterday.
The European Bank for Reconstruction and Development (EBRD) further reported it would stop funding oil exploration projects, only paying for oil development in exceptional circumstances, in which investment would support the reduction of greenhouse gases.
The coal ban includes a cut in all financing for thermal coal mining and coal-fired electricity generation, the European bank said.
The EBRD, one of the world’s largest international development lenders, has put decarbonisation at the forefront of its energy sector strategy for the next five years.
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