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Luxembourg : EIB approves EUR 3.8 billion of financing for transport, energy, business and water supply
Publish Date : 14-Dec-2018
- Hundreds of millions in investment to mitigate climate change and its consequences
- EUR 1 billion for road, rail and air transport
- EUR 903 million for new investment by SMEs and industry
- EUR 760 million for investment in energy
During the COP24 global climate conference in Katowice, the Board of the European Investment Bank (EIB) has approved investment worth hundreds of millions of Euros for projects to fight climate change and help countries to deal with its consequences. Among these projects are wind and solar power schemes, energy efficiency renovations and waste and water management systems.
Overall, the EIB Board agreed at its monthly meeting in Luxembourg yesterday EUR 3.8 billion of new financing for transport, business, energy, access to water and social housing investment across Europe and Africa.
Supporting a resilient society is key to achieve the Sustainable Development Goals and reach the Paris agreements objectives. EIB experts at this very moment actively participate in discussions at the COP24 in Katowice. Projects approved today will enable households to access clean energy and energy efficient social housing as well as safe drinking water. The EU Bank will continue to play a crucial role in the struggle to achieve the Paris objectives, said Werner Hoyer, President of the European Investment Bank.
Harnessing renewable energy and improving energy efficiency
EUR 335 million of investment approved today will finance construction and implementation of wind power and solar photovoltaic renewable energy generation in Spain, contributing to the countrys target of 20% of final energy consumption coming from renewable sources by 2020.
A new EUR 200 million investment programme will improve electricity distribution in the South West and North of Finland.
Finally, residents of Bucharest, Romania will benefit from energy efficiency investment in residential buildings.
