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Sun June 20 2021

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Europe announces $105bn for sustainable development

9 Nov 16 The European Investment Bank (EIB) has announced that it expects to provide US$105bn (£85bn) over the next five years for sustainable transport, clean energy, water and smart cities.

Jan Vapaavuori
Jan Vapaavuori

The announcement follows the Habitat III Quito conference held last month in Ecuador. EIB welcomed the New Urban Agenda and confirmed the level of expected support for sustainable urban development. The 28 European Union shareholders of the EIB agreed to enhance the impact of urban lending and European Ministers have called for the EIB to help implement the EU Urban Agenda.

EIB has approved detailed urban lending proposals to increase support for sustainable communities and ensure focused efforts to tackling urban challenges such as climate change, migration and access to affordable housing. This targeted approach reflects both the United Nations Sustainable Goal 11 and the European Union’s Urban Agenda.

It expects support for sustainable urban development in the next five years will represent more than US$105bn. “Unlocking new investment to successfully tackle challenges facing cities around the world is essential to improve lives, enhance economic opportunities and enable better access to basic services for the majority of the world’s population,” said EIB vice president Jan Vapaavuori. “The European Investment Bank’s reinvigorated support for sustainable urban development following Quito builds on a strong track record of backing transformational investment across Europe and around the world. The European Investment Bank is committed to helping cities across Europe and around the world to implement the New Urban Agenda.”

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