EIB approves EUR 2.2bn for climate action projects

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September 21 (Renewables Now) - The European Investment Bank’s (EIB) board of directors last week approved EUR 2.2 billion (USD 2.6bn) of new financing for clean energy, energy-efficient housing and climate action.

The financing will help grow wind and solar energy in Spain and Portugal, and back grid upgrades in Poland. The funds will also support energy efficiency improvements in Hungary and Finland.

The bank further greenlit targeted financing schemes to speed up investment in small-scale renewable energy and climate action projects in Austria, Poland, Latin America and Africa.

A total of EUR 4.8 billion of financing was approved for 24 projects that, besides climate action, include COVID vaccines and economic resilience, sustainable transport and education.

The EIB board also endorsed a proposal to create a development branch to bolster its impact outside the EU.

“As a result, the EU Bank will be able to make a stronger contribution to boosting Europe’s strategic autonomy, by placing more experts on the ground, and be a more effective partner for other multilateral and national development banks,” said EIB president Werner Hoyer.

“And we will be in a better position to pursue our global ambition in terms of the fight against climate change,” Hoyer added.

(EUR 1 = USD 1.171)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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