The European Investment Bank (EIB) has approved almost $1.2 Trillion USD in support for climate-, biodiversity- and sustainability-focused projects through 2030.
Almost $8 Billion USD has been allocated for private and public sector financing and investment related to COVID-19 resilience, clean transport, sustainable urban development, including water infrastructure and renewable energy, health and education. EIB and EIF finance and invest throughout Europe and across Africa and Asia.
Approximately $5.5 Million USD will be applied in support of the final phase of the 20-year restoration of the Emscher River in Germany that flows through the cities of Dortmund, Oberhausen, Bottrop, Gelsenkirchen, and Essen. This initiative is to improve wastewater processing that benefits more than 2 million people. The project will continue to restore the ecosystem following decades of abuse. Water and wastewater services in Cologne will also be upgraded.
A “Roadmap” establishes how the EIB Group aims to support the European Green Deal and all sustainable development outside the European Union, including a commitment to align all investment activity with the principles and goals of the 2015 Paris climate agreement. It has set itself a target to complete this task by the end of this year.
The new plan eliminates financing for fossil fuel project and airport extensions. Climate groups have commented that the commitment, as it stands, does not go far enough as EIB will continue to support projects related to road expansion.
“It is a major contribution to Europe’s role leading the way toward decarbonisation and a green, resilient and socially inclusive economy,” EIB President Werner Hoyer said in statement.