EIB increases financing for energy transition and climate action to €50.7 billion in 2024

In 2024, the European Investment Bank (EIB) increased its financing for the green transition, climate action and environmental sustainability by 14% y/y – to a record €50.7 billion. This is stated in the report of the institution.

This amount is 57% of the bank’s total financing last year.

In total, the EIB Group signed new financing worth €89 billion last year, with about 90% of investments concentrated in the EU.

A record €31 billion was allocated to support energy efficiency, renewable energy, storage and electricity networks. This is expected to mobilize more than €100 billion in investments.

The Bank has set a target of allocating more than 50% of its total annual financing to climate change and environmental sustainability by 2025. This target was exceeded in 2021, 2022 and 2023 (51%, 58% and 60% respectively).

In addition, the EIB plans to support €1 trillion in climate and sustainable development investments by 2030. This year, the bank plans to increase the volume of signed financing to €95 billion and meet the target level of environmental financing of 60%.

Last December, the EIB provided €100 million in financing to the Marcegaglia steel group for its decarbonization and innovation strategy. The funds will be used for a number of energy efficiency, automation and innovation initiatives at the company’s Italian operations, which are expected to be completed by 2028.