The European Commission and the European Investment Bank (EIB) have signed an agreement to financially support public investments with up to €10 billion in EIB loans and with €1.5 billion in EU budget grants, the EIB announced on Wednesday.
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.
To be eligible, projects must be located in or benefit territories where EU member states face the biggest challenges in moving away from fossil fuels and carbon-intensive industries.
‘The agreement makes up to €10 billion in EIB financing available by 2027 to spur investment to reduce the socioeconomic costs of the transition, facilitating the creation of new businesses, jobs and infrastructure,’ the statement read.
