Wide-ranging cooperation over the next three years between the European Investment Bank (EIB) and the Cityof Turin for the implementation of projects combating climate change. That is the aimof the framework agreement signed today between the bank of the European Union and the capital of Piedmont, an agreement that marks the launch of an operating phase based on potential investment financing operations, technical assistance for such investments and cooperation for better use of EU structural funds. This is the EIB's first climate agreement with an Italian city and the second in Europe. The Bank is committed to aligning all its financing activities with the climate goals of the Paris Agreement.
Specifically, the strategic sectors of collaboration will be in four key areas:
implementation of financial instruments supported by the European Structural and Investment Funds (ESIF) in priority sectors for the development of cohesion policies, either concerning the closing phase of the current 2014-2020 programming period or in preparation for the imminent 2021-2027 programming period.
This broad collaboration will be applied on two levels once the projects have been identified together and evaluated positively. Level 1: the EIB operates as a financial institution, with all the advantages in terms of maturity and cost (low interest rates) that its funding makes available to the loan beneficiaries. Level 2: with a view to complementing EU structural funds, the EIB will play a technical and financial advisory role for projects promoted by the City of Turin, including via the implementation and management of financial instruments.
Climate financing by seven of the world’s largest multilateral development banks (MDBs) accounted for $61.6 billion in 2019, of which $41.5 billion (67%) was in low- and middle-income economies, according to the 2019 Joint Report on Multilateral Development Banks’ Climate Finance. The study expands the scope of reportingfor the first timeto all countries of operation. It now provides data on MDB climate finance commitments beyond those directed solely at developing and emerging economies, but with the focus remaining on low- and middle-income countries.
The EIB and Italian biotech company EryDel SpA have signed a contract to provide a loan of €30 million to EryDel. This late-stage biotech company aims to develop and commercialise therapies based on its proprietary RBC technology for the treatment of rare diseases. The EU bank’s loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe under which the EIB and the European Commission are working together as strategic partners, with the EIB’s financing operations boosting the competitiveness of the European economy.
Fondo Italiano per l'Efficienza Energetica SGR (FIEE SGR), the leading Italian fund and one of the largest European funds specialising in energy efficiency for energy transition, has launched its second fund – the Italian Energy Efficiency Fund II (FIEE II) – with a first close of €127.5 million, above the initial minimum of €100 million, and the objective of reaching the target of €175 million by the end of the year.