The European Investment Bank Group (EIB Group) said it will support an initial investment of €30 billion ($30.2 billion) in loans and equity financing to move the European Union (EU) away from fossil fuels and toward cleaner forms of energy over the next five years.
The EIB board of directors on Oct. 26 said a package of new and targeted financing is expected to mobilize as much as €115 billion ($115.9 billion) of new investment by 2027. The board on Wednesday said its support of the REPowerEU Plan—a strategy introduced in May of this year—will help Europe as it tries to end its dependency on Russian-sourced fossil fuels in the wake of Russia’s invasion of Ukraine, which has caused upheaval in global energy markets.
EIB officials said its funding will be directed to renewable energy resources, energy efficiency measures, power grid upgrades, energy storage,…
Investment Bank ‘Mobilizing’ up to $115 Billion for Renewables, Energy Storage and More in EU
