EU should drop oil, gas and coal funding, say ministers

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The European Union should halt funding of oil, gas and coal projects, EU finance ministers said, potentially cutting €2bn (£1.7bn) of yearly investments.

The finance ministers called upon the European Investment Bank (EIB), the EU’s financing department, to cut its funding.

Previously, they had only called for coal projects to be dropped.

Since 2013, the EIB has funded €13.4bn of fossil fuel projects.

Last year it funded about €2bn worth of projects.