On 14 November 2019, the board of the European Investment Bank agreed on a new energy lending policy and strategy for climate action and enviornmental stability. The decision was informed by an open review process which involved intensive stakeholder engagement, and input from industry, institution, civil society and the public. Key parts of the new policy and strategy include investments that support a carbon-neutral European economy by 2050. This includes stopping all financing of fossil fuels by the end of 2021, supporting countries facing the most challenges in a just transisition, and gradually increasing financing dedicated to climate action to reach 50% of operations by 2025.