European Investment Bank’s clean energy financing reaches record high

Oil&Gas Materials 28 February 2023 10:54 (UTC +04:00)
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, Feb.28. Clean energy financing by the European Investment Bank (EIB) has reached a record high level of 19.4 billion euros in 2022, EIB President Werner Hoyer said in his opening speech at the first EIB Group Forum, Trend reports.

“And with our package of support for the REPowerEU initiative, we are going still higher,” he said.

Hoyer pointed out that the Bank will allocate additional 30 billion euros worth loan and equity financing over the next five years for renewable power and energy saving projects. He didn’t rule out that the amount may increase even more if supported by shareholders.

Hoyer noted that EIB was the first international financial institution to refuse from further supporting unabated fossil fuels.

“As the International Energy Agency reminded us last week, gas prices in Europe have fallen back to their levels before the war but are still three times higher than their long term average. European companies and consumers continue to pay much more for gas and electricity than their peers in the United States and China. This is creating a huge drag on our economy and distortion of competition,” noted the EIB president.

He urged for boosting investments in green economy.

“Investment is needed also to boost the resilience of our economies: resilience in the face of future blackmails from despots, resilience in the face of a changing climate that will test the limits of our infrastructure, our food and water supplies, as well as our cities,” added Hoyer.

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