European bank to double loans to renewable energy projects
LUXEMBOURG, Luxembourg, 2004-06-16 Refocus Weekly The European Investment Bank will increase its loans for renewable energy projects to Euro 700 million per year by 2010.
During the latest five year period, EIB loaned Euro 1,600 million to projects
in the sector.
EIB will increase its lending for renewables by up to 50% of its financing for
electricity generation in the EU by 2010, in order to promote the EU´s target
of 22% from green power, says a six-point renewable energies action plan
outlined at the recent renewables conference in Bonn. It will also enhance
support for investments in renewables in developing countries and emerging
markets in support of the EU’s energy initiative and EU’s proposed ‘Patient
Capital Initiative’ that will be a public-private fund to increase access to
risk capital to renewables projects.
The EIB is the EU’s long-term lending institution that supports capital
investment to promote EU policies. Its task is to contribute to the balanced
development and economic cohesion of member countries.
EIB will set targets and timetables to increase its support for investment in
renewables, says vice president Peter Sedgwick, and will promote the EU ‘Environmental
Technologies Action Plan’ which also covers renewable energy technologies.
Other parts of the plan include the allocation of Euro 500 million between 2004
and 2007 to finance CO2 reduction projects and to provide Euro 10 million to
fund carbon trading transaction costs.
The action plan for renewable energies reinforces EIB’s support for the EU
climate change policies, and updated its Environmental Statement to expands the
commitment to support EU environmental and social policies, focusing on its
mission to support investment contributing to improving the environment,
including RE projects, and to ensure that any adverse effects on the environment
in other projects it finances are mitigated.
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