The European Commission has launched a Clean Energy Investment Strategy to accelerate financing for the energy transition across Europe.
The Commission said delivering the clean energy transition will require €660bn of investment annually until 2030, rising to €695bn between 2031 and 2040.
It added the strategy aims to mobilise additional private capital using public funding as a catalyst to de-risk projects and attract institutional investors.
The European Investment Bank Group intends to provide more than €75bn in financing over the next three years to support the strategy.
Measures include improving access to capital markets for electricity grid operators and supporting bank lending through loan securitisation and intermediated financing.
The plan also includes targeted public funding to de-risk innovative clean energy technologies and energy efficiency investments.
The Commission and the EIB will also explore the creation of a strategic infrastructure investment fund to provide equity to grid operators.
“To ensure that Europe’s economy is powered by secure, affordable and clean energy, we have to step up the pace and scale of investments,” said Dan Jørgensen, European commissioner for energy and housing.
“Public financing alone is not enough. We must strategically leverage private capital.”
“EIB Group investment is supporting an energy revolution in full swing, with projects that lower bills for businesses and households, create jobs across industries and ensure Europe is leading the way into tomorrow’s world,” stated Nadia Calviño, president of the EIB Group.