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EIB to allocate more money to clean energy projects, opportunity for Romania
The European Investment Bank (EIB) will no longer finance projects on fossil fuel energy production, which means that more money will be directed towards green energy investments, and Romania will benefit from this opportunity, Andrew McDowell, vice president of the institution, told on Thursday a conference on the financing of investments, organized by the EIB in Bucharest.
Andrew McDowell was asked by journalists what this means for Romania, as our country relies heavily on coal for energy security and plans to exploit huge deposits of gas in the Black Sea.
I think it's important to look at this as an opportunity, not as a challenge. The EIB has provided 2 billion euros so far for fossil fuels, and this money is now available for clean energy projects. We want to support the ambitions of all Member States to accelerate their transition to clean energy and are working closely with governments to reduce gas emissions, which means greater capacity for renewable energy. We want to support these ambitions of Romania. So we want to see that Romania's entire green project is an economic opportunity, said McDowell.