The European Bank of Reconstruction and Development (EBRD) has urged governments not to bail out fossil fuel companies in light of the hit economies are taking due to the spread of the coronavirus Covid-19, as efforts to counteract the pandemic should instead be placed on accelerating a low-carbon economy.

The call follows an in-depth report put together by Europe’s main bank analysing how the Covid-19 crisis has diverted attention away from climate change mitigation.

The EBRD, present in 38 economies across three continents, is owned by 69 countries as well as the European Union and the European Investment Bank.