The European Investment Bank (EIB) Group has announced it will support the REPowerEU plan with an additional €30bn ($30.1) in loans and equity financing over the next five years, directed at renewable and breakthrough technologies, such as low-carbon hydrogen.
The new package of targeted financing is hoped to mobilise up to €115bn ($115.5bn) of new investments by 2027 in renewables, energy efficiency, grids and storage, electric vehicle charging infrastructure, and breakthrough technologies.
Coming as a bid to help the European Union to offset imports of Russian fossil fuels, the move from the EIB is anticipated to improve the continent’s energy security over the medium term to avert future supply shocks.
The REPowerEU plan, unveiled in May this year (2022), set the target of seeing Europe domestically produce 10 million tonnes of low-carbon hydrogen by 2030, while importing a further 10 million tonnes by the same deadline.
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