NIB’s InvestEU Initiative Fuels Green Mobility Projects with EUR 150 Million

NIB’s InvestEU Initiative Fuels Green Mobility Projects with EUR 150 Million

(IN BRIEF) The InvestEU Investment Committee has approved a framework operation allowing the Nordic Investment Bank (NIB) to provide up to EUR 150 million in financing for projects focused on green mobility and transport in the Nordic and Baltic region, as well as Poland. This financing will support efforts to decarbonize the transportation sector, including the development of eco-friendly vehicles and mobility solutions, supply of renewable and low-carbon fuels, and investments in transport infrastructure and digitalization for reducing emissions and enhancing safety. The initiative is expected to mobilize over EUR 300 million in private and public investments and contribute to the EU Commission’s goal of reducing transport sector emissions by 90% by 2050. It covers projects in several Northern European countries and is part of a larger agreement with the European Commission to promote sustainable infrastructure and innovation.

(PRESS RELEASE) HELSINKI, 31-Jan-2024 — /EuropaWire/ — The Nordic Investment Bank (NIB), an international financial institution with focus on the Nordic and Baltic countries, announces that the InvestEU Investment Committee has given its seal of approval to a groundbreaking framework operation focused on green mobility and transport. The Nordic Investment Bank (NIB) is now empowered to extend financing of up to EUR 150 million to projects that champion the environmental transformation of the transportation sector across the Nordic and Baltic regions, as well as Poland.

The framework operation will provide debt financing to initiatives that align with the decarbonization of the transport sector while promoting cleaner and safer mobility. This encompasses innovative solutions for green transportation, including the development and production of critical components used in the manufacturing of eco-friendly vehicles and mobility solutions, such as batteries and fuel cells.

Furthermore, the support may encompass investments linked to the supply of renewable and low-carbon fuels for both vessels and vehicles. Additionally, assistance will be extended to the development of Trans-European Transport Network (TEN-T) infrastructure, inland waterways, inland and seaports (excluding those utilized for fossil fuel transport), multimodal transport (excluding urban), and digitalization investments aimed at reducing greenhouse gas emissions and enhancing safety.

The framework operation is anticipated to leverage private and public investments exceeding EUR 300 million, aligned with the European Commission’s Sustainable and Smart Mobility Strategy, which aims to achieve a 90% reduction in emissions from the transport sector by 2050. NIB’s framework operation will encompass projects in Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, Sweden, and Poland.

This initiative is a pivotal part of the December 2022 agreement between the European Commission and NIB, which underwent amendments in 2024. The agreement is poised to unlock up to EUR 994 million in NIB financing for sustainable infrastructure, research, innovation, and digitalization, potentially mobilizing public and private investments totaling approximately EUR 3 billion. For more detailed information, please visit our InvestEU page.

For further information, please contact:

Dmitri Kouznetsov, Director, Head of Public Sector & Utilities, +358505765080, Dmitri.Kouznetsov@nib.int

Lovisa Sommerholt, Associate Banker, +358 10 618 0508, Lovisa.sommerholt@nib.int

SOURCE: Nordic Investment Bank