EIB to boost climate action with EUR 4.3 bn: The European Investment Bank (EIB) will unlock EUR 4.3 bn in investments to boost climate action, expand energy storage, and improve water and waste treatment across Europe, according to a press release. The program includes a new initiative in France, targeted support across Italy, and a risk-sharing financing scheme to encourage innovation and growth projects throughout Europe. The bank has also committed to supporting climate action investment by businesses in central European countries, aiding them in reducing energy use and costs. It also approved EUR 805 mn for clean energy projects, the press release adds. These projects include upgrading electricity distribution in Germany, expanding grid energy storage in the Baltics, and supporting small and medium-scale renewable energy investments in Italy.

IN OTHER EU NEWS- EU to sink EUR bns to save oceanic ecosystems: The EU has pledged EUR 3.5 bn for ocean conservation, the largest commitment by the EU to date for ocean governance and sustainability, according to a press release. The funds will support 40 new actions for 2024.Up to EUR 1.9 bn from the fund will be allocated to the Recovery and Resilience Facility to support sustainable fisheries in several EU countries. Investments will also be made in ocean observation programs, sustainable blue economies, and marine pollution and security.

European solar manufacturers are flocking to the US: European renewable energy manufacturers are closing up shop or moving to the US in the wake of Chinese competition, according to Reuters. Germany’s Meyer Burger shut down a factory in Freiberg to send production to the US, costing 500 jobs and causing solar panel production to drop by 10% in Europe. European energy ministers met on Monday to discuss how to support the industry, and will launch a voluntary charter that says buyers of solar panels should include domestic products in their purchases.

Europe can’t keep up with the competition: European manufacturers have been having a tough time in the face of Chinese competition — China accounts for 80% of the world’s solar manufacturing — and the US’ Inflation Reduction Act, Reuters explains. Before the move, Meyer Burger sought help from the German federal government — which has been assessing funding options for over a year — and agreed on an export credit guarantee for production in the US, but it wasn’t enough to save the Freiberg factory. Governments will now have to decide if they should put supporting local production or a steady flow of imports as a priority.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Australia to establish environmental watchdog: Australia will establish its first national environmental watchdog, the Environment Protection Agency (EPA), to audit businesses for environmental compliance, including in the country’s vital mining and energy sectors. The EPA will be able to issue stop-work orders and impose fines of up to AUD 780 mn or prison sentences for violations. Australia will also allocate AUD 100 mn to accelerate environmental approval decisions, including on renewables and critical minerals. (Bloomberg)
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