BRUSSELS — Most EU governments say they back the switch away from fossil fuels. But when it comes to investing in Big Oil, they’re not quite so green-minded.
EU member countries made a deal Wednesday that would make it easier for private investments earmarked for green activities to flow into companies building new fossil fuel projects.
It would mean big oil and gas companies that are spending billions on new oil wells and gas fields could still find themselves in sustainable investment funds, as long as they are also investing in things like wind turbines, solar power, hydrogen, or carbon capture and storage.
The push would substantially loosen a proposal by the European Commission to get more money flowing into companies that are genuinely going green — part of an overhaul of the bloc’s green investment laws.
