The European Investment Bank greenlit €9.2 billion in financing for 38 new projects this week, with at least 14 projects focused on energy, transportation and water and sewage among those approved.
The projects approved by the EIB include climate-related components, ranging from wind and solar farms to reforestation projects. While mostly in EU countries, the financing also backs infrastructure projects in China and Africa.
“Over the next five years we plan to bring close to €100 billion to climate action projects, and continue to partner with other multilateral development banks to ensure that all our financing is complementary and achieves maximum impact,” said Werner Hoyer, president of the EIB.
In the new round of financing, €2.6 billion went towards new energy projects, including €165 million for wind, photovoltaic, hydropower and biomass projects throughout France, Poland and Croatia. In transportation, financing approved includes €190 million to back a €385 million high-speed rail project running between Valencia and La Encina in Spain. Total infrastructure financing topped €1.7 billion.
The EIB, the EU’s long-term lending institution, has already made several large investments in the renewables space this year as it aims to meet the goals of the Paris climate agreement. In October, the bank announced an €800 million investment in clean energy projects in India. Last year, the EIB put $4.3 billion towards clean energy.