EIB has approved a EUR 8.1 billion of new financing for renewable energy projects, climate action, sustainable development around the world.
The European Investment Bank (EIB) has announced that it has approved a EUR 8.1 billion of new financing for renewable energy projects, climate action, sustainable development, health, and education investment across Europe and around the world.
This will include support for large and small-scale renewable energy projects, for the development of electric vehicles, and for improving the energy efficiency of homes. EIB financing approved today will also help to build water infrastructure and rural roads in developing countries impacted by a changing climate.
European Investment Bank President Werner Hoyer said that “the climate emergency demands that we act now. And the EIB is responding. As I confirmed at COP 25 in Madrid earlier this week the EU Bank is committed to doubling support for climate action around the world and mobilising EUR 1 trillion for climate investment over the next decade.”
Projects approved demonstrate the EIB’s commitment to accelerate the take up of clean energy, sustainable transport, energy efficiency, water, and agricultural investment that reduces emissions and protects vulnerable communities against extreme weather. Most of these projects are highly innovative.
“Innovation will help us tackle global warming and give us a win-win: as we deal with climate change we will be reducing the innovation investment gap between Europe and its global competitors. There is no trade-off: we can and must do both things,” Hoyer added.
Specific Investments will include:
- Private sector engagement to cut energy use is key to reduce carbon emissions. The EIB approved EUR 3.8 billion of new financing for business investment. This includes targeted support for climate action in partnership with local banks and financial partners in Belgium, Denmark, France, Slovakia and the Czech Republic.
- Refurbishment of existing urban infrastructure to enable more efficient energy and water use, as well as better protection against extreme weather, is essential to accelerate climate action. The EIB agreed on new financing for smart grid and water infrastructure in Linz, Austria, backed sustainable urban transport investment in the Slovakian capital Bratislava and new investment to improve wastewater treatment in Mitrovica, Kosovo.
- The EU Bank also approved new investments by municipal and regional authorities to improve the energy efficiency of housing across the Netherlands.
- The EIB agreed on new financing to support a new large-scale wind farm in the North Sea, small scale renewable and energy efficiency projects in Italy, and the expansion of electricity distribution in western Nepal to enable remote communities to benefit from hydropower.
- New renewable energy projects including hydropower and wind farms across Brazil will also be supported by the EIB.
Published with permission from iamrenew.com