UK, Belgian OWFs Backed by EIB’s €17Bn Fund

The European Investment Bank (EIB) has approved more than EUR 17 billion of new loans to support investment in telecommunications, water infrastructure, renewable energy, roads, schools and hospitals, and backed lending for small business investment across Europe and around the world.

The EIB Board approved support for strategic infrastructure investment totalling nearly EUR 7 billion. Among other projects, this includes new offshore wind farms off the UK and Belgian coasts.

The offshore wind farms listed on EIB’s website are Galloper, Beatrice and Neart na Gaoithe in the UK, and Noblewind in Belgium.

The EIB also gave its support to a new climate action lending strategy, to strengthen the impact of its engagement for climate related investment and renewable energy. The EIB Climate Action strategy consolidates the target of ensuring that at least 25% of its lending supports climate-related investment. This financing leverages and sustains growing investment from the private sector in support of the transition to a low-carbon economy.

The strategy also addresses the need to invest in projects aimed at adapting to climate changes which are already occurring, and sets the goal of ensuring all EIB lending takes account of the need to mitigate the extent and the effects of climate change.

Image: EIB