Connect with us

Hi, what are you looking for?

CleanTechnica
The European Investment Bank announced this week that it has signed an agreement to provide a €300 million framework loan in partnership with The Export-Import Bank of China, also known as Eximbank, which the Europeans hope will spur other financiers in providing up to €1 billion in financing to help the country reduce carbon emissions and improve environmental protection. 

Clean Power

EIB To Provide €300 Million Loan To China Eximbank

The European Investment Bank announced this week that it has signed an agreement to provide a €300 million framework loan in partnership with The Export-Import Bank of China, also known as Eximbank, which the Europeans hope will spur other financiers in providing up to €1 billion in financing to help the country reduce carbon emissions and improve environmental protection. 

The European Investment Bank announced this week that it has signed an agreement to provide a €300 million framework loan in partnership with The Export-Import Bank of China, also known as Eximbank, which the Europeans hope will spur other financiers in providing up to €1 billion in financing to help the country reduce carbon emissions and improve environmental protection.

On Monday, the European Investment Bank (EIB) announced the first climate finance-focused partnership between it and Eximbank, which were formed in 1958 and 1994 respectively. EIB will provide Eximbank with technical best practice advice as well as €300 million to support new energy, water, transport, and industry schemes designed to significantly reduce greenhouse gas emissions and improve China’s resilience to climate change and extreme weather events.

“Tackling climate change and reducing pollution is a global challenge and the European Investment Bank, as the EU Bank, is committed to supporting the Paris Climate Agreement,” said Jonathan Taylor, EIB Vice President responsible for East Asia. “This new cooperation with Eximbank aims to unlock a total of EUR 1 billion of new climate-related investment in China and reflects the shared commitment of China and Europe to reduce energy use, cut emissions and protect the environment. Unlocking climate investment will both create highly skilled jobs and reduce pollution.”

Representatives from Eximbank welcomed the opportunity to work with EIB and praised its global experience and technical expertise in the climate field.

The EIB bills itself as the “largest multilateral provider of climate finance worldwide” and has committed 25% of its investments to climate change mitigation and adaptation. Matching words to actions, in 2017 the European Investment Bank provided €19.4 billion in financing to climate change mitigation and adaptation, accounting for 28% of the Bank’s financing in the year.

So far this year, the EIB has already made numerous commitments to financing climate and development around the world, including $25 million to strengthen African off-grid solar access and €50 million in loans to build 9 wind power projects across the Aragón region of Spain. In addition, earlier this year the European Investment Bank teamed with global financial behemoth ING in committing €300 million to support green investments in the European shipping sector.

To top it all off, the EIB announced in March that it provided €1.05 billion worth of new financing for solar energy around the world in 2017, the largest ever annual support for the solar sector by the Bank.

“The European Union and India are committed to implementing the Paris Climate agreement and working together to achieve Sustainable Development Goals, including ensuring access to affordable, reliable, sustainable and modern energy for all,” said H.E. Mr. Tomasz Kozlowski, Ambassador of the European Union, in March. “As the European Union’s bank, the EIB has a strong track record of supporting transformational investment in India and working with Indian partners to enhance solar investment across this country to benefit millions of Indian households.”


Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Comments

#1 most loved electric vehicle, solar energy, and battery news & analysis site in the world.

 

Support our work today!

Advertisement

Power CleanTechnica: $3/Month

Tesla News Solar News EV News Data Reports

Advertisement

EV Sales Charts, Graphs, & Stats

Advertisement

Our Electric Car Driver Report

30 Electric Car Benefits

Tesla Model 3 Video

Renewable Energy 101 In Depth

solar power facts

Tesla News

EV Reviews

Home Efficiency

You May Also Like

Climate Change

$11 trillion in divestments! That's the grand total movement away from fossil fuels as of end-of-year 2019.

Coal

Goldman Sachs has been garnering quite a lot of Twitter praises after the bank updated its “Environmental Policy Framework.” As per the changes, the...

Coal

A draft proposal circulating through the boardroom of the European Investment Bank recommends terminating all further investments in fossil fuels effective 1/1/2021. The bank...

Clean Power

The European Commission, the European Investment Bank, and Breakthrough Energy Ventures chaired by Bill Gates, announced Wednesday the establishment of a new €100 million...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.