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EU bank exempts R&D from climate finance restrictions

                 

Strict rules on low-emission funding will not apply to highly innovative projects, leaders confirm

Highly innovative R&D projects will be exempt from the European Investment Bank’s latest restrictions on funding emission-intensive industries, the bank has revealed.

The EIB presented an update to its Climate Bank Roadmap, which was launched last year, at COP26, the annual climate-change conference of the United Nations, which is taking place this week in Glasgow, UK. As part of the update, the bank will severely restrict lending to fossil-fuel industries and other high-emission projects—with the exception of innovation and first-of-its-kind technology-demonstration projects.

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