EU bank announces €3.4bn for climate action and clean energy

Some of the projects include the use of solar power in homes across Spain, wind power in Ireland, upgraded energy distribution in Italy and a PV plant that uses batteries and hydrogen to store energy

The Big Zero report

The European Investment Bank (EIB) has approved €3.4 billion (£2.9bn) of new financing for projects including renewable energy, climate action and sustainable transport.

Around €2 billion (£1.7bn) has been announced for the development of green energy projects in France and Germany, the use of solar power in homes across Spain, wind power in Ireland, upgraded energy distribution in Italy and a PV plant that uses batteries and hydrogen to store energy.

Around €700 million (£607m) is being provided for the acquisition of a fleet of hydrogen powered trains, including the installation of hydrogen refuelling facilities in the Netherlands and to upgrade regional rail services in Germany.

It is also supporting the use of renewable energy at airports across Spain.

Financing of more than €800 million (£694m) will back the construction and modernisation of energy efficient social and affordable housing in northern Italy, upgrade urban and regional infrastructure in the Czech Republic and improve communications in Poland and North Africa.

Funding is also being provided to support COVID-19 resilience, business investment and corporate innovation.

EIB President Werner Hoyer said: “The green transformation of the global economy gathers speed. The green energy and sustainable transport projects approved by the EIB, the EU’s climate bank, today demonstrate the vision, ambition and partnership needed to slash greenhouse gas emissions this decade and beyond. I am thrilled that this week the European Union agreed to be climate neutral by 2050.”

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