The European Investment Bank (EIB) said Thursday that it will end financing for fossil fuel energy projects from the end of 2021.

Over the last five years the EIB has provided more than €65 billion of financing for renewable energy, energy efficiency and energy distribution. “We will stop financing fossil fuels and we will launch the most ambitious climate investment strategy of any public financial institution anywhere,” said EIB President Werner Hoyer.

Following the approval of the revised energy lending policy, the EIB will no longer consider new financing for unabated, fossil fuel energy projects, including oil and gas, from the end of 2021 onward. In addition, the bank replaced the current 550gCO2/KwH standard with a new Emissions Performance Standard of 250g of CO2 per Kilowatt/hour (KwH).

In order to manage phasing out fossil-fuels, the EIB will continue to approve projects already under appraisal until the end of 2021.