The European Investment Bank has pledged to spend 75 billion euros ($87 billion) on clean energy over the next three years, as part of a new EU clean investment strategy released Tuesday.
The EIB’s money will go towards “loans, guarantees, hybrid- and green bond investments, venture debt and equity capital over the next 3 years,” the European Commission said.
The strategy aims to help mobilize 660 billion euros ($767 billion) a year in investment in clean energy before 2030, rising to nearly 700 billion euros ($813 billion) a year after that. That money is vital if the EU is to reach its goal of net zero emissions by 2050.
While the EIB — the lending arm of the EU — will contribute some of that money, the Commission wants to get big private investors like pension funds, insurers and sovereign wealth funds to contribute the majority of the money.
