BAKU, Azerbaijan, Sept.15
By Leman Zeynalova – Trend:
Over the last 5 years the European Investment Bank (EIB) has financed some 340 operations that fully or partially supported renewables, which is almost 70 new operations on average per year, EIB told Trend.
“There is no defined budget for renewable energy in EIB lending. However, renewable energy financing has a big share in our energy lending. Out of 11.6 bn euros of energy project financing in 2020, the EIB spent 4bn euros on renewable energy projects,” said the Bank.
In line with EU energy policy, which aims to ensure that all Europeans have access to secure, affordable and sustainable energy, the European Investment Bank (EIB) financed energy infrastructure with some €60 billion between 2016 and 2020. This included over 53 billion euros for renewable energy, energy efficiency and electricity grid projects in Europe and around the world.
In November 2019, the EIB adopted a new ambitious energy lending policy. The Bank will phase out the financing of traditional fossil fuel energy projects, including natural gas, by the end of 2021. Specifically, the energy lending policy calls for: Unlocking energy efficiency investments; Decarbonising energy supply; Supporting innovative low-carbon technologies; Investing in a more secure enabling infrastructure.
---
Follow the author on Twitter: @Lyaman_Zeyn