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Workers are standing at the construction site of the receiving station of the Nord Stream 2 Baltic Sea pipeline in Mecklenburg-Western Pomerania, Lubmin. Photo: Stefan Sauer/picture alliance via Getty Images

The European Investment Bank has decided to end all financing for fossil fuel development by the end of 2021 — including natural gas projects.

Why it matters: It's the "first time any major multilateral lender has curbed lending to natural gas projects because of climate change concerns," the Financial Times reports.

  • And Bloomberg points out that the bank, which adopted the policy Thursday, is the world's largest multilateral financial institution.
  • "Given the EIB's market impact and influence over the lending strategies of investors, its decision could end up depriving polluting projects from other sources of financing as well," they write.

Yes, but: The policy leaves the door open for financing natural gas projects — with a big caveat.

  • "Gas projects are still possible, but would have to be based on what the bank called 'new technologies,' such as carbon capture and storage, combining heat and power generation or mixing in renewable gases with the fossil natural gas," Reuters reports.

The big picture: The move underscores a growing focus in climate circles on natural gas, which produces far less CO2 when burned than coal, but is nonetheless a major emissions source.

  • "The EIB's new financing criteria will make lending to gas projects very difficult. It highlights that gas is also increasingly in the spotlight of the climate debate," Wood Mackenzie research director Nicholas Browne said in a note Friday.

Go deeper:

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Ipsos poll: COVID trick-or-treat.
  2. World: Greece tightens coronavirus restrictions as Europe cases spike.
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Education: Surge threatens to shut classrooms down again.
  5. Technology: Fully at-home rapid COVID test to move forward.
  6. Travel: CDC replaces COVID-19 cruise ban with less restrictive "conditional sailing order."

Trump's legacy is shaped by his narrow interests

Illustration: Annelise Capossela/Axios

President Trump's policy legacy is as much defined by what he's ignored as by what he's involved himself in.

The big picture: Over the past four years, Trump has interested himself in only a slim slice of the government he leads. Outside of trade, immigration, a personal war against the "Deep State" and the hot foreign policy issue of the moment, Trump has left many of his Cabinet secretaries to work without interruption, let alone direction.

Bryan Walsh, author of Future
5 hours ago - Technology

AI and automation are creating a hybrid workforce

Illustration: Annelise Capossela/Axios

AI and automation are receiving a boost during the coronavirus pandemic that in the short term is creating a new hybrid workforce rather than destroying jobs outright.

The big picture: While the forces of automation and AI will eliminate some jobs and create some new ones, the vast majority will remain but be dramatically changed. The challenge for employers will be ensuring workforces are ready for the effects of technology.