The European Investment Bank (EIB) has approved new financing totalling €6.6 billion to support sustainable transport, clean energy, corporate innovation, and education investment across Europe and other parts of the world. This financing aims to enable greater use of sustainable transport, promote renewable energy use, accelerate electric vehicle innovation, and support education. Werner Hoyer, President of the European Investment Bank, highlighted the role of the EIB’s Energy Lending Policy in enabling the bank to promote the green transition. The Energy Lending Policy was adopted in 2019 and its mid-term review, which was adopted in the meeting, confirmed the EIB’s contribution to sustainable development goals and the Paris goals on climate. The policy has also allowed the bank to continue playing a pivotal role in Europe’s energy and climate policy.
The mid-term review of the Energy Lending Policy welcomed the significant increase in financing for energy efficiency and renewable energy, support for energy innovation, and backing for new energy network and storage infrastructure. EIB energy lending increased from €11.6 billion in 2020 to €19.4 billion in 2022, representing over 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.
The EIB board of directors approved €3.8 billion in new support for sustainable urban transport investment. This includes more than €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 the northwest and eastern Romania.
In addition, the EIB board agreed to provide €1.2 billion of new financing to increase the use of renewable energy. This includes support for the large-scale deployment of rooftop solar power in warehouses and distribution centres across central and eastern Europe, as well as financing renewable energy projects in Spain, Portugal, and Germany as part of the REPowerEU initiative. The board also approved backing for research and development of electric vehicle battery technology and large-scale manufacturing of electric vehicle batteries, with a total of €998 million. Finally, €625 million of financing was approved to build 11 new school campuses in Austria and construct a new business school in Ireland.
