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The EU and the US approve US$37bn financing to develop renewable energies

The European Investment Bank (EIB) has announced plans to increase its funding for the REPowerEU project by €15bn (US$16.7bn), bringing the bank’s total investment in the European Union’s clean energy initiative to €45bn. The additional funding is expected to bring over €150bn in renewable investment by 2027. The REPowerEU programme was implemented following the war in Ukraine, in order to replace Europe’s need for Russian hydrocarbons with renewable power generated within Europe. The EIB had announced €30bn of funding for the programme in October 2022.

In addition, the US Environmental Protection Agency (EPA) has launched two competitive grant programs with US$20bn in funding, which aim to spur energy investments across the country, and in low-income communities in particular. The programmes - the US$14bn National Clean Investment Fund and the US$6bn Clean Communities Investment Accelerator - are part of the overall US$27bn Greenhouse Gas Reduction Fund established in 2022 by the US Government’s Inflation Reduction Act. The US plans to halve greenhouse gas emissions by 2030 and reach net-zero emissions by 2050.

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