The European Investment Bank (EIB) announced that it would provide €3 billion (~$3.55 billion) for renewable energy projects across Europe and around the globe.

This would be a part of EIB’s €12.6 billion (~$14.93 billion) plan for new funding for financing for transport, clean energy, and urban development.

According to its statement, the new financing will be utilized to accelerate renewable energy generation across Europe and the world. Small-scale local climate action projects in Italy, France, and across the European Union (EU) will be provided funding worth €1.6 billion (~$ 1.89 billion).

The EIB approved financing for several renewable energy projects in Europe, including the construction of new wind projects off the Dutch coast and Bosnia. It would also provide support to renovate hydropower in Georgia. The bank also agreed to finance projects to improve energy efficiency in Ukraine and Austria, to revamp electricity networks in Madeira and Hungary, and to introduce smart meters in Lithuania.

The bank would sanction a loan worth €2 billion (~$ 2.37 billion) to support the development of a high-speed rail network between Naples and Bari that would help reduce greenhouse gas emissions and provide social and economic development in Southern Italy. The bank also approved to support new investments to modernize public transport in Sarajevo and Krakow and advance a motorway link in Bosnia and Herzegovina.

The EIB stated that its support for energy transition and off-grid solar programs would allow millions of people to access clean energy for the first time across Latin America and Africa.

“Fighting climate change and tackling the COVID-19 pandemic must go hand in hand to achieve a green recovery. The EU Bank is working around the world to help mitigate the impact of the pandemic on lives, jobs, and businesses; and to ensure that investment focuses on sustainability, innovation, and on reducing the devastating impact of the climate change,” said Werner Hoyer, President of the European Investment Bank.

According to EIB, it approved €20.1 billion (~$ 23.83 billion) to facilitate people and private partners worldwide to address social, economic, and health-related challenges since the beginning of the COVID-19 pandemic.

In August 2020, the European Investment Bank announced that it would provide $12.5 million to solar system installer Fenix International, a subsidiary of ENGIE, to accelerate installations of off-grid solar systems in Uganda.

Mercom earlier reported that the bank also announced that it would end financing fossil fuel-based projects by the end of 2021. The global lender wanted to focus its financing for projects that would accelerate clean energy innovation and energy efficiency.