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The European Investment Bank (EIB) Board has approved €5.3 billion in financing to boost climate resilience and bolster business competitiveness. This investment will support cities, businesses, and communities in Europe…
The post EIB Approves €5.3 Billion for Climate Resilience and Business Innovation appeared first on ESG News.
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EIB Approves €5.3 Billion for Climate Resilience and Business Innovation – ESG News
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EIB Approves €5.3 Billion for Climate Resilience and Business Innovation
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EIB Approves €5.3 Billion for Climate Resilience and Business Innovation
by ESG News
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September 20, 2024
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€3.5 billion invested in urban development and smart city initiatives across Europe.
€1.4 billion approved to support corporate innovation and business competitiveness.
€350 million directed towards sustainable transport and water infrastructure projects.
The European Investment Bank (EIB) Board has approved €5.3 billion in financing to boost climate resilience and bolster business competitiveness. This investment will support cities, businesses, and communities in Europe as they aim for climate neutrality and sustainable growth.
President Nadia Calviño stated, “The floods that hit Europe in recent days show the human and economic costs of the climate crisis. My thoughts are with the victims and their families. Investments approved today will help cities, businesses, and communities in Europe and beyond to become climate neutral, more competitive, and more resilient.”
Supporting Urban Development and Smart Cities
The EIB has allocated over €3.5 billion to finance urban development across Europe, including smart city projects, energy efficiency, renewable energy, and urban renewal investments. This will accelerate the transition to climate-neutral “EU Mission Cities.”
Additional funds will be provided to enhance urban infrastructure in Bulgaria and upgrade energy systems in Reutlingen, Germany.
Business Growth and Innovation
The Board approved €1.4 billion in financing to support corporate innovation and business investment. This includes funding for automotive and aviation research, clean transport initiatives, and hydrogen and battery technology development. Moreover, a business financing scheme was approved for Guinea, alongside a new initiative to bolster agricultural investment in Côte d’Ivoire, aimed at creating jobs and enhancing skills for young people.
Sustainable Transport and Water Infrastructure
The EIB will invest €350 million in sustainable transport and water projects. This includes upgrading water and wastewater infrastructure in Bratislava and expanding the Nagpur metro in India by 44 kilometers.
Enhanced Transparency and Accountability
In addition to these investments, the EIB Board welcomed a new Action Plan to strengthen transparency, accountability, and workplace well-being. President Calviño outlined the creation of an independent Ombudsman function and stronger whistleblower protection protocols to address workplace misconduct.
Related Article: Global Investors Push for Stronger Climate Policies Ahead of COP29, Urging Governments to Unlock $29 Trillion for Net-Zero Transition
The European Investment Bank (EIB) is the EU’s lending institution, tasked with financing projects that promote sustainable development and climate neutrality. In 2023, the EIB Group signed €88 billion in financing for over 900 projects, aiming to mobilize €320 billion in investments, supporting 400,000 companies and creating 5.4 million jobs.
This latest round of financing signals the EIB’s ongoing commitment to driving innovation, promoting competitiveness, and addressing the urgent challenges posed by climate change.
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