European Investment Bank to phase out fossil fuel financing

The contrast with the other front page article "Paypal stops payouts to pornhubs models" is interesting. On one hand we don't like it when banks use their power to implement their moral panic regarding otherwise legal activities, on the other it's nice that they use it to avoid financing things we consider bad for the commons.

For the past five years O&amp;G E&amp;P companies have been realizing significant loses in a shale driven production world. Where NA producers are quick to turn on the taps and drown the market in oil once $WTI hits $55&#x2F;bbl. with this comes instability and loss of Wall Street backing. Banks are labeling this as a way to show them in a good light. I.e. ‘fight climate change.’ The actuality is that the want better returns in a more stable environment.<p>I apologize for poor formatting on my phone.

Soon decisions like this won&#x27;t make headlines because it will be normal not to invest in industries based on increasing suffering.<p>Do we support investing in blood diamonds, no matter how profitable?

The European IBank is an arm of the European Central Bank. The mandate of the ECB is to provide a stable currency, not to combat climate change. That is something for the European parliament and the governments of EU countries to tackle.