The European Investment Bank has adopted new guidelines to reinforce support for investment in renewable energy, energy efficiency and energy grids.
Over the last 10 months the EU Bank has undertaken a comprehensive review to ensure that its energy lending criteria reflect EU energy and climate policy, as well as current investment trends. The new proposals were discussed by the Bank's Board on 23rd July, who approved them with additional clarifications on proposed exemptions to the Emissions Performance Standard.
Following the review the European Investment Bank will focus on financing energy efficiency, renewable energy, energy networks, as well as related research and innovation. These sectors are expected to require the most significant investment in coming years. This will be complemented with technical assistance to help develop projects in these key sectors. The new energy lending criteria includes streamlined guidelines for lending for energy efficiency projects to enhance co-financing of national energy efficiency programmes and enable increased support for near-zero energy buildings.
“Adoption of the new lending criteria represents an important step forward in the European Investment Bank's commitment to energy investment that supports EU policy and reflects the urgent investment challenges currently facing the energy sector. Prioritising lending to energy efficiency, renewable energy, energy networks and energy RDI projects will help EU to meet its energy and climate objectives and create local employment across Europe. The new Emissions Performance Standard will ensure that outside these sectors the Bank's energy lending makes a sustainable and positive contribution to economic growth." said Mihai Tanasescu, European Investment Bank Vice President responsible for energy lending.
"Significant long-term investment across Europe is essential to achieve our energy and climate targets and maintain a technological lead. The European Investment Bank plays a valuable role in financing public and private sector investment in energy infrastructure and supporting projects that contribute to achieving EU energy policy goals. The new guidelines provide a framework for continuing this contribution over the years ahead." added Günther Oettinger, European Commissioner for Energy.
The EIB will introduce a new Emissions Performance Standard to be applied to all fossil fuel generation projects to screen out investments whose carbon emissions exceed a threshold level. This threshold reflects existing EU and national commitments to limit carbon emissions. The board agreed that the Emissions Performance Standard would be kept under review and that more restrictive commitments could be considered in the future.
