The Boards of Directors of the European Investment Bank (EIB) Group have approved spending of almost €2 billion for initiatives to expand Europe’s clean energy investment, ensure affordability and bolster competitiveness as part of a total of €10 billion in financing.
The EIB is the financing arm of the European Union, owned by the 27 Member States. Its board endorsed loans to support the production of offshore wind power in Germany and solar energy in Italy, as well as the accelerated use of renewables by businesses in Austria. The financing also backs improvements in energy savings in heating systems in Latvia and Dutch grid upgrades that increase capacity for renewables and expand charging possibilities for electric vehicles.
“There is one clear lesson from Russia’s invasion of Ukraine and the conflict in the Middle East: Europe needs to break free from its fossil fuel dependence,” said EIB Group President Nadia Calviño. “The investments approved today confirm the commitment of the EIB Group to deliver on the energy transition and strengthen Europe’s strategic autonomy.”
EIB said the new financing supports the European Commission’s “Clean Energy Investment Strategy” from March 2026 as well as its new “AccelerateEU” plan intended to fast-track Europe’s switch from fossil fuels to clean energy.