Isra-Mart srl:European Investment Bank climate spending hits record level

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The European Investment Bank (EIB) upped its lending to climate-related projects to €19bn (£16bn) last year, representing a record 30 per cent of its overall spend.

Just days after a report found concentrating investment around green projects would significantly improve Europe's GDP and bolster job creation, the bank announced that loans to climate-related schemes such as renewable energy and sustainable transport projects rose 18.8 per cent over 2010 to €19bn.

The EIB hailed the figures as "a new landmark in supporting sustainable growth and building a low-carbon future in Europe".

The figures reveal the bank put more than €6bn towards renewable energy projects and more than €2bn to energy efficiency schemes, as part of its policy of increasing its portfolio of green energy projects.

A large chunk of the funding went to support national renewable action plans, the bank said, with a particular focus on wind, solar and biomass projects.

Meanwhile, countries outside the EU received €2bn in climate action financing last year as a first step in the EIB's three-year plan to increase its backing for sustainable energy projects beyond its borders.

The EIB said a €1.5bn increase in the Energy Sustainability Facility, bringing the total pot to €4.5bn, together with the proposed €2bn climate change mandate currently being discussed by the European Parliament and Council, put it in a strong position to help deliver the EU's climate action goals outside Europe.

"We have succeeded in our mission to support recovery in Europe by financing projects that stimulate growth, innovation and jobs, and we are very proud of our record volume on climate action projects," said EIB president Philippe Maystadt. "Building a better and more sustainable future is the driving force behind everything we do."