The European Investment Bank has recently approved to provide about US $50.28 billion in additional funds for clean energy projects developed under the European Union's REPowerEU plan and the green trade industry plan. The increased financing is expected to support the EU's clean energy goals and the manufacturing capacity of strategic net zero technologies and products. It will also support the extraction, processing, and recycling of key raw materials. This funding is 50% more than the $33.51 billion package announced by the REPowerEU program in 2022.

The projects expected to benefit from this funding include photovoltaic systems, solar thermal facilities, onshore and offshore wind power, battery energy storage systems, heat pumps, geothermal energy, hydrogen electrolysis tanks, fuel cells, sustainable biogas, carbon capture and storage, and power grids. The scope of eligible projects will be expanded to align the European Investment Bank's REPowerEU package with the European Commission's green trade industry plan.

In October 2022, the heads of 13 major photovoltaic organizations in Europe urged the European Commission to take action to increase investment in the EU's photovoltaic industry foundation and strengthen its ambitions for photovoltaic development and energy security.

The European Investment Bank also approved an additional $11.17 billion in loans for the development of wind power and photovoltaic projects in Spain and Austria, the upgrading of power grids in Italy, and the construction of Ultimate Factories for the manufacture of electric vehicle batteries in France.

Werner Hoyer, president of the European Investment Bank, said that we are using all available financial resources to support Europe's industrial competitiveness, manufacturing and the introduction of key technologies, which will enable us to quickly and fairly transition to net zero emissions.

The Board of Directors of the European Investment Bank also announced that the minimum target of its annual loan share for climate action and environmental sustainability will be increased from 50% to 52% from 2025 to 2027, because the target of 50% has been achieved by 2022.Editor/XingWentao