The European Investment Bank (EIB) has approved €10.2 billion ($12 billion) of new financing to accelerate the energy transition and expand sustainable infrastructure, among other initiatives.
EIB said some €2.4 billion ($2.8 billion) of the funding will go toward renewable energy and clean energy networks. Financing will be used for new projects to scale up wind energy across Austria, increase solar power generation in Spain, and improve district heating in France and Lithuania. In addition, EIB has agreed to back projects to upgrade energy networks in the Czech Republic, the Netherlands and between North Macedonia and Greece.
An additional €796 million ($938 million) of the financing will go toward sustainable transport, which will include upgrading trams in Bulgaria and Germany, and fund zero-emission buses and a new bicycle network in Austria. It also will be used to upgrade a major Trans-European rail route and motorway links in northern Italy.
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