The Board of Directors of the European Investment Bank (EIB) have approved €4 billion ($4.2 billion) in clean energy investment to upgrade energy networks, enhance energy efficiency and increase renewable energy sources across Europe.
The package forms part of a €10.9 billion ($11.3 billion) investment agreement in new financing to accelerate climate action and clean energy, business investment, health and sustainable transport investment across Europe and around the world.
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“As leaders and negotiators from 200 countries meet at COP27 in Egypt to agree policies and resources essential to mitigate and adapt to a changing climate, the EIB approved nearly €11 billion ($11.4 billion) of transformational new investment to harness clean energy, improve sustainable transport and enable companies to cut energy use and innovate,” said Werner Hoyer, president of the European Investment Bank.
Clean energy, cutting energy use and climate action
The EIB Board of Directors met in Luxembourg to announce the €4 billion investment regarding renewable generation, upgraded energy networks and enhanced energy efficiency.
This includes new financing to reinforce energy networks in Spain, the Czech Republic and Moldova, upgrade district heating and increase the use of biomass for energy generation.
EIB co-financing for regional development projects backed by the European Union across Greece and Estonia as well as sustainable climate mitigation and adaptation urban investment in Cyprus were approved.
The board also backed three new targeted initiatives to streamline financing for private sector renewable energy, energy efficiency and energy access projects in Africa, including through venture debt financing for innovative companies helping to accelerate sustainable energy use on the continent.
Other notable investments from the larger package include:
• Proposals for an electric bus line and river shuttles in Bordeaux as part of €3.4 billion ($3.5 billion) being funnelled into sustainable transport.
• Direct financing from €2.2 billion ($2.3 billion) to support large scale corporate research and development investment by automotive, fuel cell, semiconductor and software companies
The remaining €1.2 billion ($1.24 billion) is intended to go into modernisation projects for health and urban development.
“Close cooperation between business, public sector and financial partners globally is crucial to unlock investment that cuts emissions, reduces the impact of global energy shocks and tackles climate change,” added Hoyer.
