The European Investment Bank (EIB) is expected to strengthen its backing for climate change, renewable energy development and agricultural business in Ireland by investing significantly this year.

The EIB Ireland Financing Group held a meeting today (June 30), which was chaired by the Minister for Finance Paschal Donohoe and attended by a number of government ministers including the Minister of State for Agriculture, Land Use and Biodiversity Pippa Hackett.

Discussions were held around future investment priorities, with EIB vice-president Christian Kettel-Thomsen unveiling the bank’s plans to provide new financing for a number of climate change mitigation strategies.

The bank is expected to confirm €1 billion of new financing for Irish projects on energy efficiency, renewable energy generation as well as supports for farmers and small enterprises. Speaking about the meeting, Kettel-Thomsen said:

“The EIB-Ireland Financing Group ensures that the EIB can back crucial investment that drives business growth, tackles infrastructure needs and delivers climate action.

“Today’s discussions with ministers from across government will ensure that no opportunities are lost to overcome current challenges and unlock transformational new investment.”

Over the past decade, EIB has invested more than €8 billion across Ireland in a number of energy, transport, agricultural, water, educational and healthcare projects. Speaking about the value that the EIB brings to Ireland, the finance minister said:

“The European Investment Bank is a key partner to ensure that Ireland benefits from high-impact investment that unlocks opportunities, improves services and delivers a more sustainable future.”

The discussions which took place today followed the annual meeting of the bank’s board of governors and the gathering of the Economic and Financial Affairs Council in Luxembourg earlier this month.

Renewable energy in the EU

Investment in renewable energy development from the European Investment Bank will likely be widely welcomed, following an announcement this week that the Council of the EU has adopted a new target, to have 40% of the bloc’s energy usage coming from renewables by 2030.

Following the adoption of the target by the council, it and the European Parliament can now begin negotiations on renewable energy production.

Should the 40% figure be set, each member state will need to increase their national contributions of renewable energy in their ‘national energy and climate plans’.