European Investment Bank approves €6.6bn for sustainable transport, clean energy, corporate innovation and education

European Investment Bank approves €6.6bn for sustainable transport, clean energy, corporate innovation and education

(IN BRIEF) The European Investment Bank (EIB) has approved €6.6 billion of new financing to support sustainable transport, clean energy, corporate innovation, and education investment worldwide. The EIB Board of Directors also adopted a mid-term review of the EIB’s Energy Lending Policy that welcomed the increase in renewable energy financing, support for energy innovation, and new energy network and storage infrastructure. Additionally, the EIB approved €3.8 billion of new support for sustainable urban transport investment and €1.2 billion of new financing for renewable energy projects in Spain, Portugal, and Germany. The Board also approved financing for research and development of electric vehicle battery technology and manufacturing, and €625 million for education to build 11 new school campuses in Austria and a new business school in Ireland.

(PRESS RELEASE) LUXEMBOURG, 3-May-2023 — /EuropaWire/ — The European Investment Bank (EIB), the lending arm of the European Union, announces that its Board of Directors has approved €6.6 billion of new financing to support new sustainable transport, clean energy, corporate innovation, and education investments across Europe and around the world.

“New financing approved by the EIB today will support investment to enable greater use of sustainable transport, increase renewable energy use and accelerate electric vehicle innovation. The EIB’s Energy Lending Policy was key in enabling the Bank to promote the green transition. In the period since its adoption, we continued to increase support for renewables, for energy efficiency and energy innovation. The policy helped the EU Bank make a decisive contribution to the pursuit of the sustainable development goals and of the Paris goals on climate. The mid-term review confirmed this. Its adoption today allows the Bank to continue playing a pivotal role for Europe’s energy and climate policy”, said Werner Hoyer, President of the European Investment Bank.

In a mid-term review of the EIB’s Energy Lending Policy, the board welcomed the significant increase in energy efficiency and renewable energy financing, support for energy innovation, and backing for new energy network and storage infrastructure needed to better integrate renewable energy. EIB energy lending increased from €11.6 billion in 2020 to €19.4 billion in 2022, representing more than a quarter of total EIB financing.

As part of the review, the EIB updated the existing Energy Lending Policy agreed in 2019 to reflect the adoption of the EU taxonomy and confirm the Bank’s commitment to clean energy, with the exclusion of EIB financing for energy generation projects reliant on unabated fossil fuels.

The EIB Board of Directors approved €3.8 billion new support for sustainable urban transport investment, including more than €2 billion for new investment to upgrade and modernize the Czech rail network, improve level crossing safety, and deploy European Rail Traffic Management System technology. Additionally, the EIB agreed to finance the modernization of the Madrid metro network to improve operational efficiency and safety, upgrade road transport in north-west and eastern Romania, and modernize a 120km rail line to connect Albania to the European rail network.

The Board approved €1.2 billion of new financing to increase the use of renewable energy, including support for large-scale deployment of rooftop solar power on warehouses and distribution centers across central and eastern Europe and financing renewable energy projects in Spain, Portugal, and Germany as part of the REPowerEU initiative.

Backings for research and development of electric vehicle battery technology and large-scale manufacturing of electric vehicle batteries were also approved by the Board, with financing totaling €998 million.

Finally, the EIB Board of Directors agreed on financing to back the building of 11 new school campuses in Austria and the construction of a new business school in Ireland, with funding totaling €625 million.

The EIB’s commitments aim to promote sustainable development, address climate change and environmental degradation, and help support high-impact investment that delivers the UN Sustainable Development Goals.

Media contact:

Richard Willis
r.willis@eib.org
+352 4379 – 82155

Press Office

press@eib.org
+352 4379 – 21000

SOURCE: European Investment Bank