COP 21 - Ségolène Royal announces 1 billion EUR of new EIB funding for the energy transition in France
“Only three months after the Energy Transition for Green Growth Act was enacted, financing is being released. The European Investment Bank will contribute 1 billion EUR to concrete projects in French cities and territories to support green growth and generate employment” said Ségolène Royal, Minister of Ecology, Sustainable Development and Energy, during a signing ceremony at COP 21 with Ambroise Fayolle, Vice-President of the European Investment Bank.
Today the EIB, which is the European Union Bank, confirmed they will finance several large projects having a direct impact on the daily lives of many French people in the fields of housing, energy efficiency of buildings, support to small and medium-sized companies, biomass, etc. “Those are very emblematic funding programs at COP21 that reflect our determination to support a green responsible and successful economic model, as Ambroise Fayolle, Vice-President of the European Investment Bank, pointed out. Climate action is a priority for the EIB : it should represent nearly 40% of our activity in France in 2015.”
In partnership with BPCE banks, la Banque Postale and Crédit Agricole SA, 400 million EUR will be allocated to the construction and refurbishment of public buildings in France to reduce their energy consumption and optimize their energy performance. This project will be operational from January 2016 throughout the whole country. Besides reducing running costs of buildings, this program will have a positive impact on employment.
In the same field of energy renovation and efficiency, the EIB in partnership with Crédit coopératif will devote 75 million EUR to social, educational or cultural services and associations, to small and medium-sized companies, and to agricultural cooperatives. Crédit Coopératif will also benefit from a risk-sharing mechanism and technical support, developed by the EIB with the European Commission as part of the Private Finance for Energy Efficiency Program.
Another key project for the energy transition in France : the development of biomass. The EIB funding (112 million EUR) of France Biomass in cooperation with Engie will contribute to the construction of four biomass plants (heat only or cogeneration, for a capacity of 20-60 MWth) in Forbach, Épinal, Lacq and Nantes. These plants will replace existing fossil fuel-fired facilities. They will be primarily powered by locally-produced wood. The generated heat will be used for district heating networks or industrial companies and, in the case of cogeneration, the electricity will be fed into the national grid
Private housing is also a high priority for the EIB en France. As part of an overall program of 400 million EUR, the EIB started financing the first Third Party Financing companies that support individuals for having access to “greener” renovated and energy-efficient housing. Landlords will also benefit from attractive terms for loans. The EIB also contributed 20 million EUR to the first investment fund in France dedicated to the “Third Industrial Revolution” to support entrepreneurs and project developers.
A key partner for France in the fight against the effects of climate change, the EIB devoted nearly 40% of its activity to financing climate-friendly low-carbon projects in 2015, very significantly exceeding its target of 25% of activity within European Union countries. With its triple-A rating, the EIB offers very attractive financial conditions for an activity that involves all key sectors of the French economy.
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