European clean car investments on the rise, COP 15
Release Date: 2009-03-10
The European Investment Bank has more than doubled it's lending for energy projects to 9.5 billion euros in 2009. Additional lending is targeted at the automotive industry.
At its annual news conference the European Investment Bank (EIB) presents a strong commitment to back the EU agenda of achieving a 20 percent reduction of greenhouse gas emissions by 2020. The EIB energy lending targets have increased from 4 billion euros in 2007 to 6.5 billion euros in 2008 and will increase further to 9.5 billion euros in 2009.
The bank has also set a minimum floor that at least 20 percent of future energy projects in the EU should cover renewable sectors.
EIB energy lending concentrates on five priority areas: renewable energy; energy efficiency, development and innovation; security and diversification of internal supply (including trans-European energy networks); security of external supply and economic development (concerning Neighbour and Partner Countries).
As part of the EIB contribution to the EU Economic Recovery Plan adopted by the Council in 2008 to mitigate the current financial crisis, the EIB has approved an energy and climate change package amounting to 6 billion euros of additional lending in both 2009 and 2010.
This includes a European Clean Transport Facility with an envelope of 4 billion euros for additional lending for the automotive industry. The lending will mainly target significant CO2 and other pollutant emission reductions from cars.
| Type: | NORMAL |
| Company: | COP 15 |
| Country: | Denmark |
| Url: | http://en.cop15.dk/news/view+news?newsid=858 |