European Investment Bank delivers record lending for climate action in 2010
In 2010, the European Investment Bank (EIB) increased financing for climate action projects to €19 billion, representing 30% of its lending in the European Union, and up from €16 billion in 2009. In 2010, total EIB lending reached €72 billion – €63 billion in the EU, and €9 billion outside the EU – supporting over 460 large-scale projects. This marks a gradual return to pre-crisis levels as the Bank adapts its activity to the economic environment.
Climate action projects are projects in the areas of energy efficiency, renewable energy, transport, forestry, innovation (RDI) and climate adaptation. To qualify as climate action projects, they have to meet stringent criteria for their contribution to CO2 reduction, energy efficiency goals or sequestration of CO2. Only projects involving the most innovative technologies (e.g. solar, wind, biomass) qualify. Alternatively, the climate adaptation component will have to account for at least 50% of the total project cost.