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

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EU finance ministers predicted that the European Union should stop funding oil, gas and coal projects.

The finance ministers urged the European Investment Bank (EIB), the EU's funding department, to fund them.

Previously, it only required the withdrawal of the coal project.

Since 2013, the EIB has funded a 13.4 billion euros fossil fuel project.

Last year, we funded a project worth about 2 billion euros.

Some gas projects may be exempted after Hungary suggested that Croatia and Ukraine would otherwise rely on Russia by citing confidential documents.



Gas projects are considered a cleaner alternative to coal and oil and are more reliable than renewable resources during the winter and are relatively common among EU member states.

Board decision

The joint statement of ministers said that other international financial institutions, such as the EIB and the World Bank, said, "Fossil fuel projects are considered in consideration of energy needs, including those that use solid fossil fuels, particularly sustainable development and energy security. Should be phased out. " Partner country

In recent years, protests against fossil fuels have intensified, and activists who are members of the extinction rebel group want the government to declare a climate emergency and by 2025 the UK reduce carbon emissions to net zero.

Internationally, the extinction rebels are estimated to have been arrested for an additional 400 activists, including about 70 in New York since October 31, 2018.

The request of the Minister of Finance must be agreed to by the EIB Board of Directors held on November 14.

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