The European Investment Bank (EIB) has launched a new public consultation on energy financing to better reflect energy industry trends and to enhance its support for the European Union’s 2030 energy and climate targets.
Over the next three months, EIB will engage with stakeholders, including shareholders, industry associations, civil society and the private sector to develop a new energy lending policy that supports EU targets.
Dialogue with stakeholders will reflect on EIB’s recent support for energy investment and consider key trends and investment challenges currently facing the sector.
The consultation will include examining how future EIB-backed investments can reduce energy consumption through energy efficiency, better support renewable power generation, improve financial and advisory backing for energy innovation, and secure infrastructure essential for energy transition.
EIB will host a public consultation meeting in Brussels in February, followed by consideration of the new Energy Lending Policy by EIB’s EU member state shareholders later in the year.
The new policy will replace EIB’s Energy Lending Criteria adopted six years ago in the context of Europe’s 2020 targets that ensured strengthened support for clean energy finance including renewable energy, energy efficiency, and related electricity grids.
The public consultation of EIB’s support for energy investment follows the finalisation of the new European Union legislative framework – Clean Energy for All Europeans.
The new EU energy policy packages seek to facilitate the energy transition and fix two new targets for the EU for 2030: a binding renewable energy target of at least 32% and an energy efficiency target of at least 32.5%.
These targets are expected to stimulate Europe’s industrial competitiveness, boost growth and jobs, reduce energy bills, help tackle energy poverty, and improve air quality.
In the last five years, EIB has provided more than EUR 49 billion for energy investment across Europe and around the world, including financing for 30 European Projects of Common Interest.