EIB Approves Eur 7.3 Bn for Climate Action, Renewable Energy
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This news is classified in: Sustainable Energy Clean Transport

May 18, 2022

EIB Approves Eur 7.3 Bn for Climate Action, Renewable Energy, Clean Transport and Refugee Support

  • EUR 4 billion Ukraine solidarity response to improve housing, health and education for refugees
  • EUR 1.9 billion for climate action, renewable energy, civil protection and sustainable transport
  • EUR 1.4 billion for corporate innovation and business financing

The Board of Directors of the European Investment Bank (EIB) today approved EUR 7.3 billion of new financing to accelerate climate action by companies and utilities, enhance civil protection from a more extreme climate and other disasters and confirmed EUR 4 billion for housing, health and education investment in countries welcoming refugees from the conflict in Ukraine.

“Addressing the humanitarian impact of the war in Ukraine and delivering climate action are key priorities for the European Union and its Bank. The new EIB financing approved today will unlock investment to enable Ukrainian refugees to be welcomed with dignity and reduce the burden on communities demonstrating hospitality. The impact of climate action and business investment backed by the EIB will cut emissions and better protect communities vulnerable to extreme weather. EIB backed investment will also help businesses to innovate to better tackle the effects of a changing climate.” said Werner Hoyer, President of the European Investment Bank.

EUR 4 billion to improve public services in communities welcoming Ukrainian refugees
The EIB approved a new streamlined financing initiative to support investment in housing, education and hospital by public authorities across the European Union in regions welcoming Ukrainian refugees.

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The new dedicated EIB financing approved today was pledged by EIB President Werner Hoyer at the “Stand Up for Ukraine” Warsaw summit in April 2022.

EUR 1.9 billion for climate action, civil protection and sustainable transport
The EIB today backed new financing to increase renewable energy use, scale up energy efficiency investment, reduce pollution and strengthen civil protection against extreme weather.

A new EUR 900 million nationwide initiative to support deployment of smart meters, increase renewable energy and recycling and installation of energy efficient street lighting across Italy was approved.

The EIB also agreed to finance civil defence, disaster prevention and environmental protection investment in Italy. This includes investment in drones for use after a natural disaster, improving weather and hydrological monitoring and enhance air traffic control safety.

A new scheme to rehabilitate water and wastewater infrastructure in 80 municipalities across North Macedonia was also approved. This will tackle river pollution in areas where only 13% of households are connected to wastewater treatment, reduce the risk of flooding and benefit more than 600,000 people.

Sustainable travel to and from Barcelona airport will be transformed by EIB support for new trains to provide services every 15 minutes from the city centre and significantly increase rail transport which at present is far less than at comparable airports.

EUR 1.4 billion for corporate climate innovation and business resilience
The EIB agreed to provide EUR 400 million to support targeted financing for small scale renewable energy and energy efficiency investment across Spain to be managed by Santander, the country’s largest bank. This will improve access to climate action finance by homeowner associations to accelerate investment to upgrade energy efficiency in existing housing and back new construction that uses the highest environmental standards.

The EIB also agreed to support corporate research to develop more energy efficient water treatment and climate resilient and environmentally friendly roads, tunnels and bridges in Spain and innovation to develop safer and more energy efficient aircraft.

The EIB approved a EUR 250 million new joint financing programme with Italian regional development bank Finlombarda to small scale climate related investment by 1,200 local companies.

The EIB also agreed to participate in a USD 150 million fund to unlock equity investment in large and small scale renewable energy projects across Africa and a new EUR 300 million business financing programme to support investment by Jordanian companies affected by the COVID-19 pandemic.

European Investment Bank