Mediaroom

The European Investment Bank (EIB) has approved €3.4 billion in new financing to accelerate the shift towards renewable energy and sustainable transport, corporate innovation, improved housing, education and communications.

On renewable energy, the plan includes €2 billion for the development of energy projects in France and Germany, the increase in the use of solar power by homeowners across Spain, wind power in Ireland, upgraded energy distribution in Italy, and a pioneering photovoltaic plant that uses batteries and hydrogen to store energy.

To improve public transport, the EIB also agreed to back the acquisition of a fleet of hydrogen-powered trains with €700 million, including the installation of hydrogen refuelling facilities in the Netherlands and to upgrade regional rail services in Germany.

This package also includes €720 million for COVID-19 economic resilience, business investment and corporate innovation for companies most impacted by the pandemic across the Netherlands, Belgium and Luxembourg. The EIB also backed support for corporate research and development in Germany, expansion of online digital business activity in France, and backing for climate-related investment by companies across Poland.

Find out more here.

Source: European Investment Bank.