BAKU, Azerbaijan, Sept.15
By Leman Zeynalova – Trend:
The European Investment Bank (EIB) will continue to support mature renewable technologies such as biomass, hydropower or geothermal, while ensuring that these projects represent effective and sustainable solutions to the climate crisis, the Bank told Trend.
EIB believes the European Union must more than double its renewable energy capacity to decarbonize its energy supply and meet its 2030 renewable targets.
“The European Green Deal sets even more ambitious targets. Wind power, both onshore and offshore, and solar photovoltaics have represented the core of the EIB’s support for cleaner electricity production. The EIB has in particular played an important role in supporting the offshore wind sector and the establishment of the supply chain industry. This trend is set to continue as the Bank supports the rollout of renewable energy projects as set out in the national energy and climate plans developed by Member States and in line with the Nationally Determined Contributions in countries outside the European Union,” said the Bank.
Given the large investment needs, EIB sees a continued role in helping investments in renewable energy and, in particular, projects contributing to their integration in markets or regional cooperation, as well as projects utilizing early stage or innovative technologies, for example floating offshore wind.
---
Follow the author on Twitter: @Lyaman_Zeyn