EIB Tackles Climate Action in Spain

The European Investment Bank (EIB) and Spanish CaixaBank are taking another step forward to help finance climate action-focused projects together. Via the EIB's climate action programme, this partnership has enabled CaixaBank to launch a new credit line of up to EUR 30m to promote projects helping to combat climate change. For the first time, CaixaBank is allocating some of these EIB funds to financing the projects of individuals. The agreement signed by the two institutions aims to facilitate the financing of investments in climate change mitigation.

The EIB and CaixaBank also signed a second, EUR 35m operation to finance the Goya wind energy project, contributing to the construction of nine wind farms in Aragón with a total installed capacity of 303 MW. The EIB is helping to finance this project with another, EUR 50m loan granted to Spanish firm Forestalia Renovables under the Investment Plan for Europe in 2018.

With the EIB's assistance, CaixaBank will be able to dedicate EUR 65m to supporting environmentally friendly projects promoting the use of renewable energy, as well as those helping to renovate buildings (lighting, domestic appliances, heating, etc.) or purchase electric or hybrid vehicles (provided their CO₂ emissions are below 75 g/km).

The EIB is the multilateral institution that provides most finance for climate action worldwide. Last year, it devoted 29% of its total activity to this priority.