For our low-carbon energy transition, we definitely need more investments in renewable energy technologies. David Foxwell writes on the Offshore Wind Journal website about a new consultation by the EIB to strengthen the impact of its future energy lending. The EiB page on the consultation is here.
EIB launches energy lending consultation in support of renewable energy goals
One of the largest financiers of global energy infrastructure, the European Investment Bank, has launched a new public consultation of financial and advisory support for the sector, to strengthen the impact of its future energy lending.
The bank, which has regularly provided funding for clean energy project such as offshore wind, plans to undertake a three-month public consultation involving dialogue with industry, civil society and policy bodies to better reflect energy industry trends and enhance support for EU energy and climate goals. It hopes the review will help it guide billions of euros of future financing to the energy sector.
European Investment Bank (EIB) vice president Andrew McDowell said, “Europe is at the forefront of transformation in the global energy sector and rapid technological change and is committed to ambitious 2030 energy and climate targets and long-term decarbonisation by 2050.
“As the EU Bank, the EIB has unique technical and financial experience supporting energy projects and backing EU energy and climate policy. Over the coming months my colleagues and I will work closely with stakeholders to see how the impact of the EIB’s energy investment can better reflect and accelerate this change.
“I am looking forward to discussing with energy experts from a broad range of stakeholders in February how the EIB can strengthen support for ongoing transformation in the energy sector in the years ahead.”
Dialogue with stakeholders will reflect on recent EIB support for energy investment and consider key trends and investment challenges currently facing the sector. The consultation will include examining how future EIB-backed investment can reduce energy consumption through energy efficiency, better support renewable power generation, improve financial and advisory backing for energy innovation and secure infrastructure essential for energy transition.
The discussion will also include specific considerations on supporting energy investment in developing and emerging economies outside Europe.
The EIB will host a public consultation meeting in Brussels in February, followed by consideration of the new Energy Lending Policy by the EIB’s EU member state shareholders later in the year.
The new policy will replace the EIB’s energy lending criteria adopted six years ago in the context of Europe’s 2020 targets that ensured strengthened support for clean energy finance including renewable energy, energy efficiency and related electricity grids.
The public consultation of EIB support for energy investment follows the finalisation of the new European Union legislative framework – Clean Energy for All Europeans. The revised EU policy represents a significant step towards creating the Energy Union and delivering on the EU’s Paris Agreement commitments and is designed to ensure that the European internal energy market delivers investment needed for clean, affordable and secure energy over the next decades.
The new EU energy policy packages seek to facilitate the energy transition and fixes two new targets for the EU for 2030: a binding renewable energy target of at least 32% and an energy efficiency target of at least 32.5%.