EIB President Nadia Calviño announced today in Madrid that the European Investment Bank Group had signed new financing worth around €11.4 billion in Spain in 2023. This financing went to high-impact projects in renewable energy, sustainable transport and urban mobility, healthcare and SME competitiveness, among others.
"The EIB Group''s investment volume in Spain reflects our firm commitment to financing the Spanish economy now and in the future, to accelerating the green and digital transition, to increasing companies'' competitiveness, to ensuring energy security and to promoting economic and social cohesion," said President Calviño.
"Through projects supported by the EIB, Spain is one of the countries that has done the most to strengthen the European Union''s role as a leader in the transition to a more sustainable economy, renewable energy, better healthcare and sustainable transport. Our ability to boost public-private partnerships and our role as a catalyst for investment are making companies compete more fiercely in Spain and beyond, and giving people access to more efficient and higher-quality services," Calviño added.
Record green financing volumes accelerate transition to a more sustainable economy
For the second year running, green financing for climate action and environmental sustainability projects reached a record high close to €6.8 billion, up 23% on the previous year. In five years, the EIB has committed more than €21 billion in green financing in Spain. This objective cuts across the EIB Group''s public policy goals to promote the green transition in all sectors of the economy, accounting for 59% of the Group''s total investment in Spain and exceeding the 50% target set for 2025.
Investments in renewable energy and energy efficiency are particularly noteworthy here, as these are areas in which EIB financing in Spain in 2023 topped other EU countries.
"In an international environment where energy security is crucial for the European Union''s strategic autonomy, Spain was the country that allocated the most financing to reducing Europe''s dependence on fossil fuels and ensuring access to sustainable energy for people across the European Union," said President Calviño.
In 2023, the EIB invested more than €4.5 billion in renewable energy, in energy efficiency projects to make buildings more sustainable, and in the modernisation and digitalisation of electricity grids. The EIB''s investments in renewable energy alone exceeded €2.5 billion. Electricity generated from renewable sources is expected to reach 19,500 GWh to power 3.9 million homes.
The EIB Group''s activities in Spain made the biggest contribution (22% of the Bank''s total contribution) to reducing Europe''s dependence on fossil fuels and accelerating the green transition through the European Union''s REPowerEU initiative. This is evidence of the Group''s response to concerns about energy uncertainty expressed by 58% of Spanish firms in the 2023 Investment Survey.
EIB green financing also played a prominent role in the transport sector in 2023, driving major projects in rail infrastructure, urban mobility, road transport electrification, high-speed railway upgrades and airport security, among others. More sustainable and efficient transport is essential for the growth and decarbonisation of the economy, which is why this sector remains a priority for the EIB Group in Spain and across the European Union.
With climate change worsening and concerns about its effects growing, 37% of Spanish firms believe that it will have a major impact on their business, which is above the EU average (19%). The EIB''s record green financing figures reflect its firm commitment to supporting companies in mitigating the effects of climate change and to playing a leading role in achieving climate neutrality in the country.
Driving business competitiveness and strengthening healthcare
The EIB Group is one of the biggest drivers of competitiveness among Spanish small and medium-sized enterprises (SMEs). In 2023, it provided more than €2.7 billion to finance the projects of 109,000 SMEs and mid-caps with an average loan size of €115,000. This financing was used to support green transition and digitalisation projects, to invest in innovation, and to help preserve more than 1.3 million jobs.
"We are fully committed to supporting SMEs and mid-caps, as they are the real backbone of the Spanish economy. In the high interest rate environment of 2023, our partnerships with national and regional financial institutions were instrumental in ensuring access to finance for these companies and in enabling them to invest in the green and digital transition," said Calviño.
Healthcare and education infrastructure were other key priorities for the EU bank in 2023. Some of the most important projects involved building and renovating hospitals and public schools, making elderly care homes greener, and researching treatments for rare diseases.
Commitment to cohesion and investing more where it is most needed
Promoting economic and social cohesion in the European Union continues to be a priority for the EIB, which allocated more than €5 billion of its total financing to this area in Spain in 2023, an increase of 11% on the previous year. This cross-cutting EIB Group objective has an impact on all sectors of the economy.
"Financing the economy now and in the future will require a commitment to equitable growth and convergence between regions. Promoting cohesion is one of the founding principles of the European Union and the EIB. It is in our DNA, which is why we allocate almost half of our financing each year to projects that have a direct impact in the most disadvantaged regions."
Total EIB Group financing signed in Spain, €11.4 billion, represents a 14% increase on the previous year''s financing, accounts for 0,78 of the GDP and is expected to back investments of more than €26.8 billion.
"The EIB is playing a key role in transforming the Spanish economy, making a vital contribution to the European Union''s strategic priorities. The challenges facing the European Union are growing every day, requiring us to double down on our efforts in all policy areas and especially in public-private partnerships. The EIB will be at the centre of this collaboration in 2024, facilitating access to finance to promote sustainable and equitable growth that improves the lives of people in Spain and across the European Union," said President Calviño.
Executive summary of the EIB Group''s activity in Spain in 2023 (ES)
The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in financing for over 900 projects worldwide in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.
All projects financed by the EIB Group are in line with the Paris Agreement. The EIB Group does not finance investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate action and environmental sustainability investment by 2030, as pledged in our Climate Bank Roadmap. Over half of the EIB Group''s annual financing supports projects that directly contribute to climate change mitigation and adaptation, and to a healthier environment. Approximately half of the EIB''s financing within the European Union goes to cohesion regions, where per capita income is lower. This highlights the Bank''s commitment to promoting inclusive growth and the convergence of living standards.
The European Investment Bank (EIB) and its subsidiary the European Investment Fund (EIF) signed record financing for climate action and environmental sustainability, as well as for innovation and digitalisation in Spain last year. In 2022, the EIB Group signed financing operations in Spain totalling €9.96 billion[1].
In 2023, the European Investment Bank Group signed new financing contracts for close to €88 billion for high-impact projects in EU policy priorities, including climate action, sustainable infrastructure, and healthcare, EIB President Nadia Calviño announced today in Brussels.
The EIB Group (EIB and EIF) today presented the results of its activity in Spain for 2020. Last year, the EIB Group signed 98 operations in Spain for a total volume of €8.454 billion, 58% of which dedicated to mitigating the economic and healthcare impacts of COVID-19.
Renewable Energy in Spain
Spain has set itself the task of reducing carbon emissions by 2050. This challenge means advancing in alternative energies, an opportunity for job creation and economic growth.
The Law on Climate Change and Energy Transition establishes this prospect in two phases.
To achieve these objectives, increases in renewable generation capacity (wind and photovoltaic power) by at least 3 GW/year are planned in the coming decades.
In addition to promoting renewable energy, Spain intends to limit the award of new licenses for extraction and fracking activities and to lead a fair transition for regions that are coal-industry dependent.
In 2023 Spain generated 134,321 GWh of renewable energy (50.3% of the total annual generation).
The latest RECAI (EY) Index 2023, which ranks countries on the attractiveness of their renewable energy investment and deployment opportunities, places Spain at 8 th in the world.
All these circumstances make Spain an excellent destination to invest in renewable energy.
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