The bank will end its financing of oil, gas, and coal projects after 2021, a policy that will make the EU’s lending arm the first multilateral lender to rule out financing for projects that contribute to the climate crisis.
The European Commission, European Investment Bank and Breakthrough Energy Ventures have launched ‘Breakthrough Energy Ventures Europe’: a ¬100m fund to support investments in clean energy.
The European Investment Bank (EIB) and the Palestine Investment Fund (PIF) revealed the signing of a loan agreement worth $18 million which will finance the installation of 35 megawatts (MW) of solar PV systems on 500 public schools in the West Bank.
The ¬300 million investment, signed with the Export-Import Bank of China (Eximbank), will be used on a range of climate projects, including sustainable transport, energy efficiency, renewable energy, and water infrastructure.
The $25 million in financing from the EIB will enable d.light design to develop the installation of solar kits in sub-Saharan Africa and aim to hit its goal of reaching 10 million solar installations within 5 years.