EU bank agrees €5.9bn support for renewables and green transport

The European Investment Bank is backing the development of wind farms, the rollout of smart meters and improving the energy efficiency of public buildings

The European Investment Bank (EIB) has approved new financing totalling €5.9 billion (£5.3bn) to accelerate investments in renewable energy, sustainable transport and energy efficiency across Europe and the world.

It includes €2.6 billion (£2.4bn) for large-scale renewable energy generation projects, supporting new wind farms in Austria, France, Germany, Ireland, Italy and Uzbekistan, improving transmission connections in the Czech Republic and Greece and accelerating the rollout of smart meters to improve energy management in Belgium.

The Bank is also providing €2.1 billion (£1.9bn) to upgrade trains and transport infrastructure, including financing new trams in Wroclaw, new regional trains in Munich and Regensburg and new passenger and cargo trains in the Czech Republic.

In addition, around €1.2 (£1bn) billion of funding will support green housing and urban development, with improvements to the energy efficiency of public housing in Bucharest.

Residents of the German city of Halle will also benefit from sustainable urban development schemes, including district heating rehabilitation and improving water infrastructure.

The funding is in addition to new financing approved to support businesses impacted by COVID-19.

EIB President Werner Hoyer said: “It is winter in Europe and governments and companies are still grappling with the immediate challenge of overcoming the COVID-19 pandemic. The EIB Group is providing financial support and technical expertise to private and public partners to strengthen resilience and help fight the virus.

“At the same time, the EIB Climate Survey shows that European citizens demand a green recovery after the pandemic, propelled by investment into climate action and sustainability. The EIB Group is committed to delivering this. Today our Board approved visionary and innovative new projects to provide clean energy and sustainable transport in Europe and beyond.”

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