Luxembourg --- (METERING.COM) --- August 14, 2013
The European Investment Bank is to prioritize energy networks as well as energy efficiency, renewable energy and related research and innovation for its energy sector support under new guidelines adopted the Bank’s Board last month.
These sectors are expected to require the most significant investment in coming years, the Bank said in a statement. This will be complemented with technical assistance to help develop projects in these key sectors.
The revised energy criteria follow a comprehensive review to ensure that they reflect EU energy and climate policy, as well as current investment trends.
The new energy lending criteria also include streamlined guidelines for lending for energy efficiency projects to enhance co-financing of national energy efficiency programs and increased support for near-zero energy buildings.
“Adoption of the new lending criteria represents an important step forward in the European Investment Bank’s commitment to energy investment that supports EU policy and reflects the urgent investment challenges currently facing the energy sector,” said Mihai Tanasescu, Bank vice president responsible for energy lending. “Prioritizing lending to energy networks, energy efficiency, renewable energy, and energy RDI projects will help EU to meet its energy and climate objectives and create local employment across Europe.”
The Bank is also introducing a new Emissions Performance Standard to be applied to all power generation projects to screen out investments whose carbon emissions exceed a threshold level.
Gas is expected to remain a transition fuel to a low carbon energy system, and the Emissions Performance Standard will ensure that lending is restricted to projects that make a positive contribution to EU economic growth and are consistent with EU climate policy.
Over the last 5 years the Bank has provided more than €70 billion for long term energy investment.