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Analysis

Should the European Bank support oil exploration?

The European Bank for Reconstruction and Development (EBRD) has been pouring money into Greece’s offshore oil industry in the hope of offsetting the country’s economic woes by boosting oil and gas revenues. Critics, however, are questioning whether such support makes long-term economic sense at a time when demand for fossil fuels is decreasing and the EBRD itself is promoting renewables as a safer bet.

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