EIB funds, guidance for smooth energy transition

The European Commission and the European Investment Bank (EIB) have signed the agreement on the Public Sector Loan Facility, the third pillar of the Just Transition Mechanism.

The facility will finance public investments in the regions most affected by Europe’s transition to a climate-neutral economy.

It will combine up to 10 billion euros in EIB loans with €1.5 billion in EU budget grants.

The agreement paves the way for the territories and regions most affected by Europe’s transition, such as Greece, to a climate-neutral economy to benefit from grants and loans under the Public Sector Loan Facility.

This facility is part of the European Green Deal’s Just Transition Mechanism, which supports a fair shift away from fossil fuels while leaving no one behind, including communities that have relied on coal mining and polluting industries.

Christian Kettel-Thomsen, EIB vice president responsible for the lender’s activity in Greece, said, “By providing Project Advisory Support to Greece, the EIB will strengthen its work to identify, implement and finance investments that support a just transition across the country in the coming years, ensure greater solidarity and help Europe become climate neutral by 2050.”