The European Investment Bank (EIB) has announced that it will supply €10.2bn in new financing for investments to accelerate the green energy transition; expand sustainable transport; and improve health, education, social housing, and urban development.
The funding will be split across several areas:
- €3.8bn to strengthen pandemic recovery and corporate RDI;
- €2.4bn towards renewable energy and clean energy networks;
- €2bn for education, health, social housing, and urban development;
- €796m for sustainable transport.
Rebuild and recover
Werner Hoye, president of the EIB, said: “The covid-19 pandemic is not yet over, and economic consequences continue to be felt around the world. At the same time, the flood catastrophe in central Europe is a stark reminder that climate change adaptation is an increasingly urgent challenge for Europe too. My thoughts and those of my colleagues are with the victims, their families, and the communities hit by this latest natural disaster. The EIB stands ready to support rebuilding and recovery efforts.”
The bank, an arm of the European Union, said that this marked more of its funding as a response to the covid-19 pandemic.
In a statement, the EIB said: “Since the start of the covid-19 pandemic the EIB has approved more than €62bn of new financing for health investment, vaccine procurement and economic resilience across Europe and around the world. This includes mobilising €125bn of new business investment to support companies most impacted by covid-19 through €16bn approved to date by the dedicated European Guarantee Fund, established by the EIB Group and EU member states within weeks of the pandemic.”
The EIB has not been reticent when it comes to investing in technologies to promote sustainability. In January 2020, it was one of the three pillars behind the European Commission’s plan to mobilise €1trn to move the bloc towards climate neutrality by 2050. Under that plan, the EIB was to provide a loan facility to mobilise between €25bn and €30bn in investments.