Sustainable Finance

EIB Funds Climate-related Activities, Sets aside €3.2 billion to Carry Out Projects

Published on: 7 February 2022 01:25 PM
by KnowESG

A Brief Summary

The Europen Investment Bank (EIB) Group announced that it approved to fund a series of activities aiming to support climate action, helping businesses manage their business during the pandemic, and achieve sustainability in transport and education.

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A total of €1.3 billion, according to the EIB, will be used to fund activities including sustainable transport, renewable energy, and water. It also includes funding for the construction of 15 solar power plants in Spain and carrying out water investment across the Caribbean islands impacted by climate change.

The EIB stated that an amount of €1.2 billion will be set aside for education, health, urban renewal and housing, with agreements to support projects in Brussels, Germany, France and Warsaw. For COVID resilience and private sector investments, an amount of €630 will be allocated.

The EIB approved a new Environmental and Social Sustainability Framework, with a Group-wide Environmental and Social policy, which guides how to address climate and social issues in the coming decades. The framework helps the EIB move towards disaster-resilient, low-carbon, sustainable and resource-efficient economies and communities.