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Renewable Energies and Energy Efficiency

The EIB has significantly increased targets for renewable energy lending since its introduction in 2002. In 2007 the Bank decided to integrate energy as a specific objective in its Corporate Operational Plan (COP) 2007-2009. The EIB has also adopted new targets in the areas of renewable energy (RE), energy efficiency (EE) and greenhouse gas emissions reduction,.

In line with the “Action Plan for EU energy policy 2007-2009” adopted in March 2007 by the European Council, the EIB has reinforced its contribution in the areas of renewable energy (RE) and energy efficiency (EE):

  • New annual target of EUR 800 million (minimum) lending to RE projects
  • 50% of EIB lending to electricity generation associated with RE technologies
  • Raise EIB financing share of total costs for RE projects from 50 to 75%, in particular for “emerging RE technologies” and investments contributing significantly to EE
  • Update of the selection criteria for RE technologies
  • Development of financial instruments, including framework facilities, for smaller-scale investments and use of structured finance and investment funds
  • Introduction of a systematic review of EE issues when assessing projects to be supported by the Bank

These new targets will further diversify the Bank’s RE projects portfolio by developing less mature markets both in and outside the EU and by favouring the deployment of less-developed RE sources (other than wind and hydro schemes and such as solar power, biomass or bio-fuels).

The Bank does not only support EU climate change and energy policies via its lending in favour of projects fostering RE sources, but also by promoting a rational use of energy. The EIB’s energy efficiency (EE) target areas include for instance financing EE investment programmes in different sectors such as social housing, schools, industry, etc. as well as combined heat and power (CHP) plants and district heating networks. EE considerations are mainstreamed into all EIB operations, working with promoters to extend the EE potential of projects.