European Investment Bank's Clean Energy Financing Reaches Record High
Date
2/28/2023 2:30:55 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, Feb.28. Clean energy
financing by the European investment bank (EIB) has reached a
record high level of 19.4 billion euros in 2022, EIB President
Werner Hoyer said in his opening speech at the first EIB Group
Forum, trend reports.
“And with our package of support for the REPowerEU initiative,
we are going still higher,” he said.
Hoyer pointed out that the Bank will allocate additional 30
billion euros worth loan and equity financing over the next five
years for renewable power and energy saving projects. He didn't
rule out that the amount may increase even more if supported by
shareholders.
Hoyer noted that EIB was the first international financial
institution to refuse from further supporting unabated fossil
fuels.
“As the International Energy Agency reminded us last week, gas
prices in Europe have fallen back to their levels before the war
but are still three times higher than their long term average.
European companies and consumers continue to pay much more for gas
and electricity than their peers in the United States and China.
This is creating a huge drag on our economy and distortion of
competition,” noted the EIB president.
He urged for boosting investments in green economy.
“Investment is needed also to boost the resilience of our
economies: resilience in the face of future blackmails from
despots, resilience in the face of a changing climate that will
test the limits of our infrastructure, our food and water supplies,
as well as our cities,” added Hoyer.
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