The European Investment Bank (EIB) has set aside €3.4 billion ($4 billion) of new financing to help accelerate the shift toward renewable energy and sustainable transport, corporate innovation, improved housing, education and communications.
The investment follows the European Union’s announcement that it will aim to be climate-neutral by 2050.
The EIB said it has approved €2 billion ($2.4 billion) to develop wind- and solar-energy projects in France and Germany, increase the use of solar power in Spain, bolster wind power in Ireland, upgrade energy distribution in Italy, and fund a photovoltaic plant that uses batteries and hydrogen to store energy.
The bank has also allotted €700 million ($841 million) to improve public transport. This includes the acquisition of a fleet of hydrogen-powered trains and the installation of hydrogen refuelling facilities in the Netherlands, and upgrades to regional rail services in Germany. The E.U. bank also approved fin
