{"id":83605,"date":"2024-04-17T00:00:00","date_gmt":"2024-04-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/04\/17\/eib-approves-eur-4-3-bn-for-climate-projects\/"},"modified":"2024-04-17T00:00:00","modified_gmt":"2024-04-17T00:00:00","slug":"eib-approves-eur-4-3-bn-for-climate-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/04\/17\/eib-approves-eur-4-3-bn-for-climate-projects\/","title":{"rendered":"EIB approves EUR 4.3 bn for climate projects"},"content":{"rendered":"

EIB<\/strong> to boost climate action with EUR 4.3 bn:<\/strong> 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<\/a>. 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.<\/p>\n

IN OTHER EU NEWS- EU to sink EUR <\/strong>bns<\/strong> to save oceanic ecosystems:<\/strong> 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<\/a>. 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.<\/p>\n

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European solar manufacturers are flocking to the US: <\/strong>European renewable energy manufacturers are closing up shop or moving to the US in the wake of Chinese competition, according to Reuters<\/a>. Germany\u2019s 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.<\/p>\n

Europe can\u2019t keep up with the competition: <\/strong>European manufacturers have been having a tough time in the face of Chinese competition<\/a> \u2014 China accounts for 80% of the world\u2019s solar manufacturing \u2014 and the US\u2019 Inflation Reduction Act, Reuters explains. Before the move, Meyer Burger sought help from the German federal government \u2014 which has been assessing funding options for over a year \u2014 and agreed on an export credit guarantee for production in the US, but it wasn\u2019t 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.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n