€6.9 bn EIB Backing for Renewables, Sustainable Transport and Innovation

EIB has agreed to support EUR 6.9 billion of new financing to improve renewable energy, sustainable transport, social housing, communication, etc.

EIB Renewable Energy Transport

The Board of the European Investment Bank (EIB) has agreed to support EUR 6.9 billion of new financing. This includes backing new investments across Europe and around the world to improve renewable energy, sustainable transport, social housing, communication and education infrastructure.

The meeting also approved a new Energy Lending Policy to further strengthen the impact of EIB support for energy transition and a new strategy to deliver on the EIB’s ambition to increase climate action and environmental sustainability over the next decade. The lending arm of the European Union has decided to stop funding fossil fuel projects.

The bank has approved EUR 1.5 billion of new financing to support renewable energy and energy efficiency projects around the world. This includes support for new wind farms in Austria and Lebanon, 15 new solar power plants across Spain, as well as small-scale climate action and renewable energy projects in France, Kazakhstan, the South Caucasus, Latin America and Africa.

Furthermore, new energy network investment to expand electric vehicle (EV) charging in Estonia, provision of smart meters in Ireland and more efficient street lighting across Italy were also approved by the EIB board.

Additionally, the bank also informed that 2.3 million people living in the Indian city of Bhopal and commuters across France will benefit from new sustainable transport investment agreed by the EIB. This will support the construction of the first two metro lines in Bhopal and the provision of 330 electric buses and charging infrastructure to replace diesel buses with zero-emission transport in towns across France.

Projects across the Caribbean that contribute to sustainable development goals will be supported by a new streamlined financing programme approved by the EIB. The Board also approved a new scheme to support projects in Colombia in areas most impacted by recent conflict. In Brazil, 140,000 households will be connected to clean drinking water for the first time and 300,000 homes benefit from wastewater services under a regional water investment programme backed by the EIB.

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Ayush Verma

Ayush is a staff writer at saurenergy.com and writes on renewable energy with a special focus on solar and wind. Prior to this, as an engineering graduate trying to find his niche in the energy journalism segment, he worked as a correspondent for iamrenew.com.