European funding helping Ireland reach energy goals
The European Investment Bank Group backed Ireland to the tune of €1.6 billion last year, helping investment in renewable energy, education, housing, and innovation.
In Cork, the 2023 engagement is helping companies to expand and create skilled jobs, enabling homeowners to cut energy bills, increasing renewable energy generation, and supporting the development of the new Cork University Business School (CUBS).
Last year’s investment represents the largest backing for new investment in Ireland by the European Investment Bank (EIB) Group since the first operation in 1973.
More than 80% of EIB Group financing in Ireland last year backed investment to enhance climate action and environmental sustainability.
The investment included combined backing from the EIB and its specialised subsidiary, the European Investment Fund, for the €500 million new low-cost Home Energy Upgrade Loan Scheme to encourage homeowners to invest in energy efficiency and renewable energy using low-interest home energy upgrade loans. Formally launched by Ministers and the EIB last week, the scheme is the first of its kind for both Ireland and the European Investment Bank (EIB) Group and will play a crucial role in helping homeowners to invest in energy efficiency, making their homes warmer, healthier, and cheaper to run.
The EIB also agreed financing for small-scale wind and solar renewable energy projects across Ireland and the roll-out of electricity smart meters across the country.
New innovation investment by Galway-based Xerotech to accelerate electrification for construction, agriculture and mining machinery and vehicles was also backed.
“The partnership between the EIB Group and Ireland is special,” EIB Group President Nadia Calviño said.
“Last year’s record EIB Group investment of €1.6 billion into impactful and innovative projects in Ireland is testament to that. This close co-operation means our joint investment are ensuring that households and business can reduce energy bills, companies can grow and innovate, and we can improve education, provide social housing – and tackle climate change,” added Ms Calviño.
Minister for Finance and Ireland’s Governor at the European Investment Bank, Cork TD Michael McGrath, said: “EIB Group backed investment in renewable energy, education, housing, and innovation across Ireland will not only create jobs but also accelerate our transition to a low-carbon economy and enhance Ireland’s competitiveness on the global stage.”
Looking ahead, the EIB is currently engaged in discussions about future sustainable transport, water, university, education, and corporate innovation investment across Ireland.