European Investment Bank to boost clean energy partnership in India

green economic growth

European Investment Bank (EIB) Vice-President Kris Peeters will visit India aiming to reinforce partnerships and discuss EIB’s support for clean energy investment and transportation in the country. The visit will emphasise EIB’s commitment to future investments under the EU-India Connectivity Partnership, aligned with the European Green Deal and the EU Global Gateway strategy. It will also support India’s ambitious goals in climate action, renewable energy, connectivity, and sustainable finance.

Vice-President Peeters will attend the G20 Infrastructure Investors Dialogue (IID), engaging with banking leaders to discuss sustainable finance for future cities. As the head of the D20 Long-Term Investors Club, he will represent the EIB and highlight the bank’s dedication to supporting transformative investments, climate resilience, and addressing the challenges of a changing climate.

Vice-President Peeters will stress on EIB’s interest in backing India’s National Green Hydrogen Mission, potentially offering a facility of up to €1 billion to support the development of the nascent Indian green hydrogen ecosystem and renewable energy projects. He will also underscore the EIB’s commitment to boosting India’s renewable energy ambitions by supporting renewable energy generation, energy storage technologies, and the necessary infrastructure for efficient power transmission and distribution.

The EIB delegation will meet with the Managing Director of Uttar Pradesh Metro Rail Corporation (UPMRCL) to strengthen their partnership and visit the Agra Metro project, which received a €250 million loan from the EIB. Additionally, EIB’s support for transportation in India includes financing metro investments in cities like Agra, Bangalore, Bhopal, Kanpur, and Lucknow, making India the largest beneficiary of EIB transport financing outside Europe.

Through its visit, the EIB aims to build on its extensive expertise in urban mobility and renewable energy, while exploring strategic areas of collaboration between India and the European Union. The EIB seeks to enhance its support for these sectors and other crucial domains to foster sustainable development and strengthen the partnership between India and the EU.

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