EIB allocated €49 bn for climate action, environmental sustainability

30 / 01 / 2024

By Marwa Nassar - -

The European Investment Bank (EIB) allocated €49 billion for climate action and environmental sustainability in 2023, up from €38 billion in 2022.

With €349 billion of green investment supported since 2021, the EIB Group is on track to achieve the goal of €1 trillion of green financing supported by the end of the decade.

The EIB earmarked €87.85 billion of new financing for high-impact projects in areas including climate action, sustainable infrastructure, and healthcare in 2023.

The bank earmarked €20 billion to support small businesses and mid-caps, €19.8 billion for innovation, digital and human capital, €21.3 billion for sustainable cities and regions, and €26.8 billion for sustainable energy and natural resources.

Moreover, the Bank’s 2023 investments included more than €21 billion as part of REPowerEU, an initiative designed to reduce Europe’s dependence on fossil fuels and accelerate the green transition.

The EIB’s total financing in 2023 is expected to mobilize around €320 billion in investment to support 400,000 companies and 5.4 million jobs.

“The EIB Group is boosting European competitiveness and EU leadership in green technologies. It is helping to ensure a more secure future for people in Europe and around the world,” EIB President Nadia Calviño said.