Europe: The European Investment Bank (EIB) Group has approved a new financing package worth $11.7 B (€10 B), with close to $2.3 B (€2 B) dedicated to clean energy projects across the continent.

The funding will contribute to offshore wind developments in Germany, solar energy projects in Italy, and increased renewable energy use by businesses in Austria. It also includes support for improving energy efficiency in heating systems in Latvia and upgrading electricity grids in the Netherlands to enable greater integration of renewable capacity.

According to the EIB Group, the package is designed to reinforce Europe’s energy independence and competitiveness in the context of ongoing geopolitical challenges.

Alongside the clean energy allocation, an additional $9.4 B (€8 B) will be directed towards urban development, transport infrastructure, and business investment initiatives in several European countries.

Nadia Calviño, President of the EIB Group, emphasised the broader context of the investment. She stated that recent geopolitical developments underline the need for Europe to reduce its reliance on fossil fuels and strengthen its strategic autonomy.

The approved financing reflects the bank’s continued focus on supporting the energy transition while addressing wider economic and infrastructure needs across Europe.

Source: Renews.biz

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