From the EIB € 15.1 billion to support companies to invest in climate action
A total of € 15.1 billion of financing were approved by the Board of Directors of the European Investment Bank (EIB) to encourage business to invest in climate action, sustainable transport, innovation and urban investment.
In line with the EU effort to tackle the energy crisis caused by Russia’s invasion of Ukraine, “today the EIB approved broad ranging new investment to scale up generation and distribution of renewable energy, accelerate the use of sustainable transport and cut business and household energy use”, said the President of the EIB, Werner Hoyer, announcing the initiative approved by the Board of Directors that targeted the private sector financing to develop sustainable business across Europe and around the world.
Business investment and corporate R+D
6.1 billion euros are intended for corporate R+D business investment and and business investment projects. Once selected, the companies will receive the financing to support sustainable business such as research to develop “more efficient batteries and household heating systems and strengthen aerospace innovation”, but also agricultural investment, sustainable transport and female led business.
Climate action, clean energy and water
Climate action, clean energy and water infrastructure investments are the target of € 4.4 billion of financing, which will support projects related to wind, photovoltaic, hydro, geothermal and solar power, and waste management in Italy, France, the Netherland and Belgium.
Metro trains, regional rail, train-trams, new scheme to accelerate investment in low-emission business vehicle fleets, support for road safety and upgrading road links are all projects that the EIB fill finance in Europe and Africa with the 3.3 billion of financing targeting sustainable transport.
Health, education, urban
€ 1.3 billion was approved to support the construction of new hospitals and research activities as well as to support the Just Transition in in lignite dependent regions. Furthermore the new EIB backed investments will help communities across Europe to build energy efficient and affordable homes, and accelerate urban development.
“Visionary new investment is crucial to secure the supply of clean energy and the EIB looks forward to working with partners to scale up production of green hydrogen and implement projects already identified”, said Hoyer.