In 2010, the European Investment Bank (EIB) increased financing for climate action projects to Eur19 billion, representing an impressive 30% of its lending in the European Union. Significantly up from Eur16 billion the year before, this is a new landmark in supporting sustainable growth and building a low-carbon future in Europe.
In 2010, total EIB lending reached Eur72 billion – Eur63 billion in the EU and Eur9 billion outside the EU – supporting over 460 large-scale projects. This marks a gradual return to pre-crisis levels as the bank adapts its activity to the economic environment.
The focus of EIB support for climate action projects remains energy (renewable energy and energy efficiency) and sustainable transport.
The Bank made a successful effort to increase the share of renewable energy and energy efficiency in its portfolio. More than Eur6 billion of financing supported renewable energy and over Eur2 billion energy efficiency projects in 2010. National renewable action plans have proved to be an important enabler of investment in these areas and all three emerging technologies, wind, solar and biomass, were supported. In the transport sector, the EIB is playing a leading role in supporting the development of electric vehicles.
Countries outside the EU received Eur2 billion in climate action financing in 2010. In the coming three years, the bank will substantially strengthen its support for sustainable energy projects in these countries.
Looking ahead, the EIB will help to implement the Europe 2020 strategy, the EU’s climate action targets and its external policy objectives.