EIB approves investment in projects to fight climate change and its consequences

Overall, the Board agreed at its monthly meeting in Luxembourg earlier today EUR 3.8 billion of new financing for transport, business, energy, access to water and social housing investment across Europe and Africa.

During the global climate conference COP24 in Katowice, the Board of the European Investment Bank (EIB) has approved investment worth hundreds of millions of Euros in projects to fight climate change and help countries to deal with its consequences. Among these projects are wind and solar power facilities, energy efficiency renovations and waste and water management systems.

Overall, the Board agreed at its monthly meeting in Luxembourg earlier today 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 agreement's 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 the construction and implementation of wind power and solar photovoltaic renewable energy generation in Spain, thus contributing to the country's target of 20% of final energy consumption coming from renewable sources by 2020.

A new EUR 200 million investment programme will improve the electricity distribution network in the South West and North of Finland.

Finally, residents of Bucharest, Romania will benefit from energy efficiency investment in residential buildings.