The European Investment Bank (EIB) Group has announced a €30 billion support over the next five years for the REPowerEU plan to end dependence on Russian fuel, which will be directed by the EIB Group and the European Investment Fund to renewable energy sources and energy efficiency. networks, storage, electric vehicle charging infrastructure, and advanced technologies, such as low-carbon hydrogen.
The bank said - in a statement, today - that the targeted new financing package is expected to mobilize up to 115 billion euros in new investments by 2027.

This measure comes on top of the strong support the EIB Group is providing to the energy sector in the EU, where funding has averaged around €10 billion annually over the past decade.
“This horrific war and Russia’s blackmail for gas supplies have confirmed that our dependence on fossil fuels is a serious security vulnerability, and it is time to end this dependency,” EIB Group President Werner Hoyer said in a statement today. Financial support to support the joint effort, and work with the private sector to maximize the impact of our investments.
In turn, European Commission President Ursula von der Leyen said: "I welcome the European Investment Bank's financial strengthening of the REPowerEU scheme, in addition to the €300 billion of funds already available, with today's EIB package, we can go faster towards cleaning up the energy system. In Europe and ending our dependence on Russian fossil fuels, the EIB Group’s contribution will help us ensure our energy security and achieve the 2030 climate goals.”
The EIB’s additional financing will focus on improving Europe’s energy security in the medium term and avoiding future supply shocks, and European Investment Bank support for some projects could reduce gas demand already in 2023.
This package followed the Board of Directors' decision to approve €5.5 billion to fund clean energy, energy efficiency and climate action projects, including new wind power in the Baltic states, and the modernization of transmission networks in Poland and Spain.
In addition to the increased volume of energy lending, EIB lending to the energy sector will become more attractive, and the co-financing cap will be up to 75% for projects contributing to REPowerEU targets, up from the EIB's standard 50% limit per project.
The European Investment Bank Group adopted the Climate Bank roadmap to implement its ambitious agenda of €1 trillion in investments in climate action and environmental sustainability until 2030 and to provide more than 50% of its financing for climate action and environmental sustainability by 2025 as part of the roadmap. The new European Union with the objectives and principles of the Paris Agreement since the beginning of 2021.
Source: Middle East News Agency