EIB approves EUR 8.1 billion for renewable energy, energy efficiency, sustainable transport, and agriculture

The European Investment Bank (EIB) approved EUR 8.1 billion of new financing for climate action, sustainable development, health, and education investment across Europe and around the world.

This included support for large and small-scale renewable energy projects, for the development of electric vehicles, and for improving the energy efficiency of homes. EIB financing approved will also help to build water infrastructure and rural roads in developing countries impacted by a changing climate.

The EIB Board of Directors also agreed to support research and development in partnership with the Bill and Melinda Gates Foundation and the EU Malaria Fund to better control malaria.

“The climate emergency demands that we act now. And the EIB is responding. As I confirmed at COP 25 in Madrid earlier this week the EU Bank is committed to doubling support for climate action around the world and mobilising EUR 1 trillion for climate investment over the next decade. Projects approved demonstrate the EIB’s commitment to accelerate the take up of clean energy, sustainable transport, energy efficiency, water, and agricultural investment that reduces emissions and protects vulnerable communities against extreme weather. Most of these projects are highly innovative. Innovation will help us tackle global warming and give us a win-win: as we deal with climate change we will be reducing the innovation investment gap between Europe and its global competitors. There is no trade off: we can and must do both things,“ said European Investment Bank President Werner Hoyer.

Accelerating malaria research and vaccination programmes

In partnership with the EU Malaria Fund and the Bill and Melinda Gates Foundation, the EIB agreed to finance research and development to better control malaria and potentially eradicate the virus that impacts the lives of millions of people around the world.

Encouraging business to invest in climate action

The EIB approved EUR 3.8 billion of new financing for business investment. This includes targeted support for climate action in partnership with local banks and financial partners in Belgium, Denmark, France, Slovakia and the Czech Republic.

The EIB also agreed to support corporate investment In Denmark, France and Germany to improve hearing aids, scale-up food ingredient research, and expand bioscience laboratories.

Helping cities to cut energy use

Refurbishment of existing urban infrastructure to enable more efficient energy and water use, as well as better protect against extreme weather, is essential to accelerate climate action.

The EIB agreed new financing for smart grid and water infrastructure in Linz, Austria, backed sustainable urban transport investment in the Slovakian capital Bratislava and new investment to improve wastewater treatment in Mitrovica, Kosovo.

The EU Bank also approved new investment by municipal and regional authorities to improve the energy efficiency of housing across the Netherlands.

Accelerating clean and renewable energy investment

The EIB agreed new financing to support a new large-scale wind farm in the North Sea, small scale renewable and energy efficiency projects in Italy, and the expansion of electricity distribution in western Nepal to enable remote communities to benefit from hydropower.

New renewable energy projects including hydropower and wind farms across Brazil will also be supported by the EIB.

Supporting sustainable development to protect vulnerable communities worldwide

Thousands of people living across Cambodia, Laos and Nigeria will benefit from new investment approved today to better protect rural roads from extreme weather. This investment will reduce travel and transport costs as well as the risk that farmers cannot access markets due to impassable roads.

Original source: EIB
Published on 12 December 2019