Friday 12 August 2022

EU backs renewables and energy efficiency in Austria with €92m loan

The European Investment Bank (EIB) is backing the growth of renewable energy and energy efficiency in Austria with a loan of up to €92 million (£78m).

UniCredit Bank Austria will use it to support investments in small and medium-sized projects, which will support the government's ambition to generate 100% of electricity from solar, wind and hydropower plants by 2030.

Decentralised photovoltaic systems are expected to play a significant role, which includes a 100,000-solar roofs programme.

Dieter Hengl, Member of the Management Board of UniCredit Bank Austria responsible for Corporates, said: “Climate protection and sustainability have long been major strategic topics for our bank. The financial sector as a whole has a central role to play in the transition to a low carbon economy. Channelling money flows into sustainable, climate-friendly industries, activities and initiatives is the key joint challenge of the future.

“I am very pleased that we are the first bank in Austria to have signed the climate action facility loan with the EIB. Together with the EIB, we are helping companies to become sustainable and climate-friendly and can thus enable our customers to invest in these important issues at particularly advantageous conditions.”