The European Investment Bank Group has approved €10bn in new financing including almost €2bn for clean energy investments across Europe.
The funding will support offshore wind in Germany, solar energy in Italy and renewable uptake by businesses in Austria, the EIB Group said.
It also includes backing for energy savings in heating systems in Latvia and grid upgrades in the Netherlands to expand renewable capacity, it added.
The package aims to strengthen Europe’s energy autonomy and competitiveness amid ongoing geopolitical tensions.
Additional €8bn in financing will support urban development, transport and business investment projects across several European countries.
“There is one clear lesson from Russia’s invasion of Ukraine and the conflict in the Middle East: Europe needs to break free from its fossil fuel dependence,” said Nadia Calviño, president of the EIB Group.
“The investments approved today confirm the commitment of the EIB Group to deliver on the energy transition and strengthen Europe’s strategic autonomy.”