Green finance group calls on EU to stop funding fossil fuels

(EurActiv, 13 Jul 2017) A group of financial experts has set out its vision for hardwiring sustainability goals into the European Union’s financial system, calling on the 28-country bloc to stop pouring public money into polluting fossil fuels and focus spending on clean energies instead.

The EU’s high-level group on sustainable finance issued its interim report on Thursday (13 July), urging 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.

Instead, public money should be geared towards “only supporting renewable energy and energy and resource efficiency”, the report added.

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EurActiv, 13 Jul 2017: Green finance group calls on EU to stop funding fossil fuels