REPowerEU and the EIB

The Ukraine conflict sparked an energy crisis that laid bare Europe’s dependency on Russia and on foreign supply of fossil fuels. The ensuing energy crisis shored up public support for transitioning Europe’s economies to green energy, as a way of remedying our energy dependency.

The European Commission and EU members are working with local authorities and private firms to develop renewable energy sources, roll out energy efficiency measures and upgrade electricity grids to improve their efficiency, reliability, and resilience. This paves the way towards a secure and sustainable source of energy for the European Union and helps meet our climate goals.

REPowerEU: an ambitious EU plan

The European Union launched REPowerEU, an ambitious plan to reduce EU dependence on fossil-fuel imports and accelerate the green transition. 

In October 2022, the EIB announced it is substantially increasing its commitment to supporting the goals of the REPowerEU plan by providing €30 billion in additional financing over the next five years to businesses and public authorities for clean energy.

REPowerEU+: Boosting our support to sustainable energy

In July 2023, the EIB increased the financing targets of the original EIB Group commitment by 50% to €45 billion until 2027 under the EIB's REPowerEU+ initiative. This additional financing is expected to mobilise over €150 billion in new green investments, helping Europe cut its carbon emissions to net zero by 2050.