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EIB to support Croatia invest more in energy, climate and sustainability projects

EIB to support Croatia invest more in energy, climate and sustainability projects

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  • The EIB and Croatian Ministry of Economy and Sustainable Development to expand cooperation on development and financing of Croatia`s key energy, resilience and climate projects
  • EU Bank will support Croatia maximize on opportunities created by various EU funds and initiatives, including the European Commission`s Green Deal Investment Plan;
  • Partners will join efforts to contribute towards green, energy efficient and sustainable EU

The European Investment Bank and the Ministry of Economy and Sustainable Development of the Republic of Croatia agreed to expand cooperation on development and financing of key energy, sustainability and climate related projects in the country.

Under the Memorandum of Understanding signed today, the two sides agreed to develop joint operations in sectors such as 1) renewable electricity generation and transmission distribution infrastructure; 2) clean energy and energy efficiency measures, renovations and conversions of buildings; 3) green mobility; and 4) provide support for the transformation of Croatian economy into a circular economy.

The EIB will extend its support to the Croatian Ministry of Economy and Sustainable Development and back their key energy and climate initiatives such as the National Energy and Climate Plan. The partners will also cooperate to maximize opportunities stemming from the EU programmes such as the, InvestEU, Green Deal Investment Plan, and the Just Transition Fund.

Dario Scannapieco, Vice President of the EIB, in charge of the operations in Croatia said: “This agreement is a win-win cooperation on the common goals related to energy, resilience and climate projects in Croatia. It will also allow the country to maximize the opportunities stemming from various EU programs, funds and initiatives and attract more finances for key operations, which will help the recovery of Croatian economy from both COVID-19 pandemic and the two devastating earthquakes the Country suffered from.”

Tomislav Ćorić, PhD, Minister of Economy and Sustainable Development said: “Cooperation between Ministry and EIB was fruitful and this Memorandum will help us to strength this cooperation even more. Croatia supports de-carbonization of Europe and we see it as an opportunity for development of Croatian economy. Our goal of renewable energy till 2030 is ambitious but achievable. We also have a lots of new green projects that will decarbonize our economy and we see EIB as a strong partner in implementation of those projects.”

Ognian Zlatev, Head of European Commission Representation in Croatia, said: “We very much welcome this cooperation between the EIB and the Croatian government, which will help maximise the great opportunities created by EU funds and initiatives in the field of climate and energy. This will help Croatia to make the most of the Commission’s European Green Deal Investment Plan and successfully implement its ambitious energy and climate projects, in line with the EU target to be climate-neutral by 2050.”

The Support from the EU Bank boosts Croatian COVID-19 and earthquake recovery

The implementation of the projects outlined in the National Energy and Climate Plan are expected to boost to the local economy as it recovers from the COVID-19 pandemic and two devastating earthquakes that hit the country in 2020.

Support for a green, energy efficient and sustainable Croatia

The partners agreed on a coordinated effort to create long-terms conditions for the sustainable development of Croatia through: 1) improved protection and conservation of the environment, 2) the development of sustainable water management practices, 3) the development of systems to monitor weather and climate conditions and 4) strengthening of Croatia`s energy and hydrocarbon management systems.

The MoU outlines the support the EIB will extend to the Ministry of Economy and Sustainable Development in the implementation of the National Energy and Climate Plan and its Recovery and Resilience Plan, as well as in implementation of major energy efficiency projects in the country, both contributing towards Croatia`s and the EU`s energy and climate goals.

Croatia`s Energy Strategy and National Energy and Climate Plan are spearheaded by the Ministry of Economy and Sustainable Development. These documents are the key to long-term, sustainable, and green development of Croatia and contribute towards reaching energy and climate goals of the EU faster.

EIB to invest EUR 1 Trillion in Climate Action by 2030

The EIB will increase similar investments across the EU as it transforms into the EU’s climate bank, mobilising €1 trillion for the climate and the environment by the end of the decade.

Last year, the share of the EIB investments that went to climate action and environmental sustainability projects rose from 34% to 40%, in spite of the COVID crisis, bringing the EU bank closer to its 50% target.

In November 2020 the EIB Board approved the Climate Bank Roadmap, which defines the way in which it will achieve these ambitious targets. The Roadmap provides for the phasing-out of financing for high-emission projects such as airport expansions and sets stringent criteria for the financing of others, such as motorways, after the Bank already announced an end to unabated gas projects.

Maximizing and expanding opportunities from EU Funds and Initiatives

The EU bank will also provide technical and advisory support to maximize and expand opportunities deriving from EU initiatives and funds by working alongside the Croatian Ministry of Environment to access and blend financing from these sources with EIB financial products.

The EIB in Croatia:

To date the EIB has supported the economic and social development of Croatia by investing € 6.71 billion in operations covering the most important sectors of Croatia’s economy, including transport, the environment, energy infrastructure, manufacturing and services. Another key component of EIB activities in Croatia is support for SMEs and Mid-Caps through creation of long-term financing options in cooperation with local financial institutions. To date, the EIB supported Croatian SMEs by unlocking new sources of finances worth close to € 3.75 billion.

Source: eib.org
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Anand Gupta Editor - EQ Int'l Media Network