EIB commits to supporting EU energy market integration
The European Investment Bank (EIB) stands ready to continue financing energy infrastructure in the Iberian Peninsula and France in order to strengthen the connections with the rest of the EU energy market.
The European Investment Bank (EIB) stands ready to continue financing energy infrastructure in the Iberian Peninsula and France in order to strengthen the connections with the rest of the EU energy market. EIB Vice-President Emma Navarro underlined the EU bank's commitment after a meeting in Lisbon with Prime Minister of Portugal António Costa, President of France Emmanuel Macron, President of Spain Pedro Sánchez and EU Commissioner for Climate Action and Energy Miguel Arias Cañete during the second Summit on Energy Interconnections for South-West Europe.
The Lisbon Declaration reaffirmed the pledges made at the first Energy Interconnector Summit, held in Madrid in 2015, and expressed the will to move towards a single fully interconnected and competitive energy market. In a joint statement, the EU leaders agreed to actively promote energy transition and the decarbonization of the economy and stressed the need to support cross-border connections between gas and electricity networks. The Declaration recognizes the pivotal role of the EIB in mobilizing the resources required to achieve these targets.
During the summit, the EIB highlighted the importance of developing a better-connected European energy market, a crucial step in improving the security of energy supply across Europe, promoting action against climate change and increasing the use of renewable energy. Supporting gas and electricity interconnections to facilitate the completion of the internal energy market and to eradicate energy islands is one of the key priorities of the EU bank.