“As leaders and negotiators from 200 countries meet at COP 27 in Egypt to agree policies and resources essential to mitigate and adapt to a changing climate, the EIB approved nearly EUR 11 billion of transformational new investment to harness clean energy, improve sustainable transport and enable companies to cut energy use and innovate. Close cooperation between business, public sector and financial partners globally is crucial to unlock investment that cuts emissions, reduces the impact of global energy shocks and tackles climate change”, said Werner Hoyer, President of the European Investment Bank.

EUR 4 billion for clean energy, cutting energy use and climate action

The EIB Board of Directors meeting in Luxembourg  backed investment to increase renewable energy generation, upgrade energy networks and enhance energy efficiency.

This includes new financing to reinforce energy networks in Spain, the Czech Republic and Moldova, upgrading district heating and increasing use of biomass for energy generation.

EIB co-financing for regional development projects backed by the European Union across Greece and Estonia as well as sustainable climate mitigation and adaptation urban investment in Cyprus was approved.

The board also backed three new targeted initiatives to streamline financing for private sector renewable energy, energy efficiency and energy access projects in Africa, including through venture debt financing for innovative companies helping to accelerate sustainable energy use on the continent.

EUR 3.4 billion for sustainable transport

The EIB Board approved financing for new sustainable transport across Europe, the Western Balkans and Africa.

Proposals to finance a new 107 km long inland waterway to connect the Seine and Scheldt rivers, a new electric bus line and river shuttles in Bordeaux, sustainable urban transport in Florence, improved resilience at Spanish airports, rehabilitation of Cairo’s metro line 2 and the upgrade of 230km of rail between Belgrade and Nis along Serbia Corridor X were agreed.

EUR 2.2 billion for business investment and corporate innovation

The EIB agreed to support new private sector financing initiatives with local financing partners to strengthen climate action business investment in Italy and Bulgaria and support female entrepreneurs in Romania.

Additionally, the EIB Board approved €500 million of financing for agriculture and bio-economy investment by cooperatives and companies across Europe.

Direct financing to support large scale corporate research and development investment by automotive, fuel cell, semiconductor, software companies were confirmed.

EUR 1.2 billion for health and urban development

New EIB financing to support modernisation of water and wastewater infrastructure in Warsaw, construction of a new hospital in Spain and upgrade waste collection, treatment and disposal in five cities across Argentina was agreed.