European Investment Bank Commits €4.3 Billion To Renewable Energy
The European Investment Bank has this week approved new financing worth a total of €12.4 billion for projects all over the world, including €4.3 billion for new renewable energy and security of energy supply schemes.
The European Investment Bank (EIB), the European Union’s bank, announced on Tuesday that it had approved new financing totaling €12.4 billion to support rail, road, air and maritime transport investment around the world, as well as support for new renewable energy and security of energy supply schemes. This latest round of financing from the EIB is simply the latest in the Bank’s role as the world’s largest multilateral borrower and lender, and while 90% of the Bank’s funding is invested in activity in Europe, it also commits a serious portion around the world.
Specifically, the EIB commits at least 25% of its lending portfolio to low-carbon and climate-resilient growth around the world, and in 2016 the EIB provided €16.9 billion to support environmental projects — including action to back safer drinking water for 25 million people around the globe. Further, on climate action, the EIB exceeded its lending target for the seventh year in a row, providing €19 billion to help mitigate climate change and adapt to its impact, representing 26% of the EIB’s lending in 2016.
This week’s announced financing has several various applications, but its two primary benefactors will be improving urban, regional, and international transport connections, with the EIB greenlighting €5 billion in financing for 14 separate transport projects around the world — including €1.5 billion for the new Line 15 of the Paris Metro, and €500 million for construction and new rolling stock for a new line on the Bangalore metro in India.
Additionally, the EIB approved €4.3 billion in new financing for energy projects, including offshore wind, hydropower, and smart meter projects in Italy; energy efficiency, solar, wind, and district heating projects in France; the reinforcement and extension of natural gas distribution in Ireland and Spain; and financing of renewable energy and energy efficiency projects in India.
“The EU Bank is supporting new investment in sustainable transport, renewable energy and helping small companies harness business opportunities,” said Werner Hoyer, President of the European Investment Bank. “The impressive range of new projects approved by the European Investment bank today will improve business opportunities, ensure better access to clean water, green energy, internet and mobile banking, health and education, and upgrade transport for millions of people across Europe and around the world.”
The EIB has already made several big financing deals this year for renewable energy across the globe. In March, the EIB partnered with the BPER Banca Group to provide €50 million for energy efficiency projects in Italy, the first such operation for the country based on European Commission guarantees and assistance. In April, the EIB partnered with India’s largest bank, the State Bank of India, to provide €200 million to facilitate debt funding for four large-scale solar projects. Later in the month, the EIB announced that, along with Dutch bank ABN Ambro, it would commit €150 million in financing to improve the environmental performance of the European shipping fleet. Finally, in May, the EIB partnered with the Caribbean Development Bank to sign a financing agreement for $110 million that will support climate change mitigation, adaptation, and resilience projects across the Caribbean.
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