EIB not to allocate money for these energy projects from 2021


November 15, Fineko/abc.az. The European Investment Bank (EIB) will not finance projects on traditional energy sources from 2021.

ABC.AZ reports that the Bank said this that its statement.

According to the Bank, the EIB Board of Directors decided to adopt new policy concerning the financing for energy projects and pay attention to projects on alternative energy sources in the fight against climate change. In 2021-2030 the Bank will allocate 1 billion euro for energy innovation, energy efficiency and renewable energy projects that will support low-carbon emissions.

Thus, the funds allocated in 2025 and subsequent years for projects on alternative energy and climate change will make up 50% of Bank’s total operations.

Over the past 5 years EIB has allocated 65 billion euro to finance projects on renewable energy, energy efficiency and network efficiency, and 28 billion euro were spent on renewable energy projects.