The Board of Directors of the European Investment Bank (EIB) approved EUR 6.6 billion of new financing to support new sustainable transport, clean energy, corporate innovation, and education investment 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, energy efficiency, and energy innovation. The policy helped the EU Bank make a decisive contribution to the pursuit of sustainable development goals and the Paris Goals on climate. The mid-term review confirmed this. Its adoption today allows the Bank to continue playing a pivotal role in Europe’s energy and climate policy”, said Werner Hoyer, President of the European Investment Bank.
Mid-term Review of Energy Lending Policy
The meeting adopted a mid-term review of the EIB’s Energy Lending Policy and 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.
Last October the EIB agreed to increase energy lending by €30 billion by 2027 through support for the REPowerEU Plan.
As part of the review, the EIB has 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.
EUR 3.8 billion for sustainable transport
The EIB Board of Directors backed EUR 3.8 billion in new support for sustainable urban transport investment. This included approval of more than EUR 2 billion for new investment to upgrade and modernize the Czech rail network, including deployment of European Rail Traffic Management System technology and improving level crossing safety.
The EIB also agreed to finance the modernization of the Madrid metro network to improve operational efficiency and safety, modernize a 120km rail line to connect Albania to the European rail network, and upgrade road transport in northwest and eastern Romania.
EUR 1.2 billion for clean energy
The EIB board agreed to EUR 1.2 billion of new financing to increase the use of renewable energy. This includes support for large-scale deployment of rooftop solar power in 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.
EUR 998 million for corporate innovation
The Board approved backing for research and development of electric vehicle battery technology and large-scale manufacturing of electric vehicle batteries.
EUR 625 million for education
Financing to back building 11 new school campuses in Austria and the construction of a new business school in Ireland was also agreed upon.
