The EIB will allocate EUR 3.2 billion for the energy transformation
Nadia Calviño, who serves as the President of the European Investment Bank, revealed that a total of 3.2 billion euros in investments were given the green light during the initial 2024 EIB Board meeting. These funds aim to expedite the global shift towards ecological sustainability.
Scaling up clean energy
The sanctioned energy projects encompass funding for a sizable renewable hydrogen production facility, facilitating the decarbonization of a high-energy-consuming industry in Portugal. This marks one of the most substantial financing commitments ever made by the EIB in this sector. Moreover, support has been granted for the establishment of a new 132 MW wind farm in Posusje, Bosnia and Herzegovina.
In Spain, the EIB has committed to financing investments in electricity networks, aiming to foster the growth of renewable energy. This initiative also seeks to expedite the digitization of the energy network and modernize infrastructure, reinforcing the resilience of the distribution network.
Furthermore, the Board of Directors has endorsed assistance for novel wind and solar energy projects throughout South Africa. Additionally, funding has been allocated to enhance the utilization of solar energy in agriculture, irrigation, and water treatment. Moreover, support has been extended to power schools, health centers, and hospitals across West Africa.
Transforming sustainable transport
The Council has given the green light to more than €1 billion in fresh financing for investments in the transport sector. This encompasses backing the modernization of 328 km of railways for both passengers and freight in Romania. The approved funding will contribute to the electrification of the Cluj-Hungarian border route and the refurbishment of the Arad-Caransebes line.
Additionally, the board has sanctioned financing for the expansion of Marseille’s tram network, which involves constructing 12 new stations and acquiring 155 new electric buses.
Furthermore, funding has been agreed upon to support security and fire protection measures, baggage handling, and enhancements to passenger facilities at Palma de Mallorca Airport in Spain.
Source: eib.org