EU could waste €29bn on gas projects despite climate action plan

32 schemes eligible for funding despite being unnecessary under move from fossil fuels

The European Investment Bank risks wasting €29bn (£25bn) of EU taxpayers’ money by overinvesting in gas projects which will be unnecessary under Europe’s climate action plans, according to a report.

The EIB vowed late last year to end its support for fossil fuels within the next two years to become the world’s first “climate bank”, but 32 gas projects are still eligible for funding before the crackdown.

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