News
21-04-2008 08:33
2 Milliard Euros for Renewable Energy
Last year European Investment Bank increased financing of projects upon clean energy sources in 4 times as in EU so in other countries. In 2007, amount of credits for projects implementation on renewable energy sources comprised 47.8 milliards, among them 41 milliard intended for EU countries.
Credits for energetic sector increased from 3.8 in 2006 up to 6.8 milliards in 2007 that reflect new banking policy in the sphere of power engineering accepted last year in June and more clearly determine the role of EIB in EU tasks solution in the sphere of power engineering.
Due to climate change EIB credits for implementation of projects on renewable energy sources composed one-third of all credits given for power engineering and half is credits for electric power generation. The credits were used for power plants construction using wind energy, hydraulic power and geothermal energy as well as photovoltaic and thermal power supply systems.
"Due to the fact that change of climate is still constitute a great importance for EU it is necessary to note that we will give great attention to power engineering problems in 2008" mentioned Phillip Meishtadt, President of Bank. "Somebody is already calling our bank as Energy Investment Bank".
Power efficiency points for Energy Investment Bank are key aspects under making decision for credits granting. 3 funds were formed for this purpose. Bank works with 4 national and regional banks for Post 2012 Carbon Fund creation by which credit amounts were determined in sphere of power engineering on the morrow of Kyoto Protocol validity in 2012.
Last year 459 million Euros was allocated via Risk Sharing Finance Facility (RSFF) (organization on finance risks disposition) formed by European Commission for projects finance in the sphere of solar energy, biotechnology and power engineering. Dividing risks between European Commission and EIB, RSFF enables that credits allocate with higher risk level.
EIB was formed under Roman Agreement in 1958 as long-term crediting bank of EU. The basic task of bank is to contribute to integration, balanced development and more close cooperation of EU member countries.
Brussels, Belgium