The new policy will replace EIB’s Energy Lending Criteria adopted six years ago in the context of Europe’s 2020 targets that focused on strengthened support for clean energy finance including renewable energy, energy efficiency, and related electricity grids.
Also, the new EU energy policy packages aim to facilitate the energy transition and fix two new targets for the EU for 2030:
- A binding renewable energy target of at least 32%;
- An energy efficiency target of at least 32.5%.
By these targets EIB aspires to stimulate Europe’s industrial competitiveness, boost growth and jobs, decrease energy bills, help tackle energy poverty, and enhance air quality.
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.
Specifically, the discussion between the stakeholders and EIB will focus on energy investment and key trends and investment challenges being currently faced by the sector.
Moreover, the consultation will include discussions under how the future EIB-backed investments can decrease energy consumption through energy efficiency.
Also, it will be discussed whether EIB can better support renewable power generation, enhance financial and advisory backing for energy innovation, and secure infrastructure essential for energy transition.
In the last five years, EIB has provided up to 49 billion euros for energy investment across Europe and around the world, including financing for 30 European Projects of Common Interest, as a project in supporting green shipping or investing in clean transport.
Concluding, EIB will accommodate meetings in Brussels on February, followed by consideration of the new Energy Lending Policy by EIB’s EU member state shareholders later in 2019.