European Investment Bank spent 30% in green energy projects in 2010

The EIB put €19bn towards green energy projects in 2010, such as renewable energy and sustainable transport projects.

Online PR News – 23-February-2011 – – The European Investment Bank (EIB) has announced that loans to green energy projects rose to €19bn (£16bn) last year, representing a record 30% of its overall spends. This is just days after a report released by Germany's Potsdam Institute for Climate Impact Research (PIK) found that concentrating investment around green projects would yield Europe’s GDP gains of €600bn and more than six million jobs.

According to the EIB, loans to green energy schemes such as renewable energy and sustainable transport projects rose 18.8% over 2010. The EIB hailed the figures as "a new landmark in supporting sustainable growth and building a low-carbon future in Europe".

The figures announced reveal the EIB put more than €6bn towards renewable energy projects and more than €2bn to energy efficiency schemes, as part of its policy of increasing its portfolio of green energy projects.

Sources from the bank said that a large chunk of the funding went to support national renewable action plans, with a particular focus on wind, solar and biomass energy projects.

Additionally, the EIB provided last year €2bn to countries outside the EU in climate action financing, as a first step in its three-year plan to increase its backing for green energy projects beyond its borders.

The EIB said a €1.5bn increase in the Energy Sustainability Facility, together with the proposed €2bn climate change mandate is currently being discussed by the European Parliament and Council. This would bring the total pot for green projects to €4.5bn, and would put it in a strong position to help deliver the EU's climate action goals outside Europe.

EIB president, Philippe Maystadt, said "We have succeeded in our mission to support recovery in Europe by financing projects that stimulate growth, innovation and jobs, and we are very proud of our record volume on climate action projects."