EIB's transition, climate finance hit €50.7bn in 2024

Spanish Market: Electricity, Emissions
30/01/25

The European Investment Bank (EIB) lifted its finance for the energy transition, climate action and environmental sustainability to a record €50.7bn ($52.8bn) in 2024 — 57pc of the bank's total financing last year.

The EIB lifted its "green" financing by 14pc on the year. The bank signed €88.8bn in new financing in 2024, with the majority — €68.2bn — going to EU members.

The projects financed in 2024 are expected to result in 21GWh of renewable power generation, as well as 107,370km of installed or upgraded power lines, the EIB said.

The bank has an existing target for more than 50pc of its total annual financing to go to climate action and environmental sustainability by 2025. It surpassed this goal in 2021, 2022 and 2023, with 51pc, 58pc and 60pc, respectively, going towards climate action in those years. The EIB also aims to support €1 trillion of climate and sustainability investment by 2030 and remains "well on track" to reach this goal, it said.

The EIB is the EU's lending arm, owned by EU member states. It is classed as a multilateral development bank (MDB). Countries often call on MDBs to do more to address climate change, as the institutions have significant leveraging power.

The bank expects to lift its signed financing to €95bn this year, with plans to support renewable energy, grids and interconnectors, green hydrogen and storage and reduced emissions in heavy industry.

"Far-reaching technological changes, the increasing costs of climate change and demand for more investment in defence, housing and global needs are the expected focus for 2025 to 2027," the EIB said today.

By Georgia Gratton

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04/03/25

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EU, US industry discuss methane regulation

04/03/25

EU, US industry discuss methane regulation

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US should ‘feel the pain’ for tariffs: Ontario premier

03/03/25

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EU promises flexibility for car CO2 standards: Update

03/03/25

EU promises flexibility for car CO2 standards: Update

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IG Windkraft calls for Austrian renewables focus

03/03/25

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