The European Union should halt funding of oil, gas and coal projects, EU finance ministers said, potentially cutting €2bn (£1.7bn) of yearly investments.

The finance ministers called upon the European Investment Bank (EIB), the EU’s financing department, to cut its funding.

Previously, they had only called for coal projects to be dropped.

Since 2013, the EIB has funded €13.4bn of fossil fuel projects.

Last year it funded about €2bn worth of projects.

Some gas projects may be excused after Hungary suggested that Croatia and Ukraine might otherwise rely on Russia, Reuters reports, citing confidential documents.

Gas projects are relatively common among EU member states as they are seen as a cleaner alternative to coal and oil, and more reliable than renewable sources during winter.

Board decision

The joint statement from ministers requested

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