The European Investment Bank has pledged to phase out its multibillion-euro funding of fossil fuel projects over the next two years. After 2021, the EU’s lending arm will no longer bankroll coal, oil or gas projects, and will instead make lending decisions that are in line with the Paris climate accord. The bank has announced that will invest €1trn towards climate-focused and sustainability projects over the next decade. EIB’s president, Werner Hoyer, described the shift in strategy as “a quantum…