Renewable energy and energy efficiency
2017’s new operations in renewable energy and energy efficiency totalled EUR 5.2 billion were first signatures for a total project cost of EUR 20.1 billion.
Renewable energy is proving itself capable of providing an affordable, sustainable and secure energy alternative to traditional sources, while mitigating climate change and, in many instances, reducing environmental damage. Ambitious targets within the framework of the Europe 2020 strategy stipulate that 20% of energy consumption should come from renewables, and energy efficiency (relating both to energy sources and their use) should increase by 20% by 2020. While some regions are already meeting the 20% renewables source objective, the progress overall is quite slow. Achieving the Europe 2020 target will therefore require significant additional investment. Many EIB projects focus on making buildings energy-efficient and developing the efficient use of energy in other fields such as transport.
Types of EIB operations to promote renewable energy and energy efficiency
The EIB supports a wide range of projects to promote renewable energy, energy efficiency, and energy RDI projects that help the EU meet energy and climate objectives and to boost employment. EIB-supported projects include measures to extend existing technologies to new markets, and support for new and innovative technologies, including near-zero energy buildings. The Bank remained one of the largest investors in offshore wind farms in 2017.
New renewable energy and energy efficiency operations signed in 2017
As a result of EIB operations signed in 2017, enough energy is expected to be generated from renewable resources to supply over 5 million homes whilst significant energy savings will be realised due to investments in energy efficiency projects. Of particular interest were new investments in renewable energy projects with elements of risk sharing.