The developed world is turning against coal and opting to fund more green power sources. The European Union’s finance arm announced on Wednesday it would stop financing most coal-fired power plants as part of Europe’s effort to fight global warming.

“Adoption of the new lending criteria represents an important step forward in the European Investment Bank’s commitment to energy investment that supports EU policy and reflects the urgent investment challenges currently facing the energy sector,” said Mihai Tanasescu, the EIB’s vice president for energy lending.

This move comes in the wake of other major announcements by President Obama and international finance agencies to stop funding coal-fired power plants, especially in developing countries which rely on coal power the most.


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