EIB Group commits record financing for green economy and energy security in Spain in 2022

• The EIB Group signed financing operations totalling €9.96 billion last year.
• Climate action and environmental sustainability financing reached a record €5.18 billion, more than half of the total project signatures in Spain.
• Financing for sustainable energy projects that will help end dependence on fossil fuel imports exceeded €3 billion for the first time, placing Spain second in the European Union in terms of financing volume.

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].

This amount is equal to 0.76% of Spain’s gross domestic product (GDP) and is expected to support investments of more than €23 billion. Spain was among the top three EU recipients of EIB Group financing in 2022.

According to the EIB Vice-President responsible for Spain and Portugal Ricardo Mourinho Félix, “these figures reflect the EIB Group’s commitment to financing the future of the Spanish economy through the green and digital transition, business competitiveness and economic, territorial and social cohesion. And this commitment has not wavered amid the current macroeconomic uncertainty. It has instead been strengthened in strategic areas that have established the Bank as a major player in driving innovation in the country and achieving a climate-neutral economy”.

“EIB Group financing in Spain in 2022 also significantly contributed to projects to reduce Europe’s dependence on fossil fuel imports, ensuring access to sustainable energy in an environment of heightened energy uncertainty due to the conflict in Ukraine. But rather than slowing down the green transition, this uncertainty is actually accelerating it, confirming that the Bank’s decision to back more sustainable energy was the right one.”

Financing by EIB Group public policy goal

• Sustainable energy and natural resources: Financing signed for projects in this category reached €3.19 billion, equal to 32% of the Group’s total financing in the country. Spain ranks second in the European Union in terms of financing volumes agreed last year for this public policy goal. This increase reflects the Group’s heightened commitment to sustainable energy at a time of great energy uncertainty. It also demonstrates the progress made in rolling out the EIB’s special package to support the REPowerEU plan to end dependence on Russian fossil fuel imports, from which Spain is set to be a major beneficiary.
•  Innovation, digital and human capital: Financing for this public policy goal also achieved record figures in 2022, with a total of €2.11 billion signed, more than 35% increase on the previous year. Spain is among the top three EU beneficiaries of EIB Group loans to finance the future of its economy.
• SMEs and mid-caps: Financing for this business segment reached €2.48 billion. Spain is the second country in the EU by volume of financing in this strategic priority for the Group. Support for the backbone of Spanish business remains the Group’s second line of activity by volume of financing in the country. In 2022, it had a positive impact on an estimated 64,800 companies and more than 770,000 employees. The EIF, the subsidiary of the Bank that specialises in small and medium-sized enterprises (SMEs) and mid-caps, recorded the highest ever figure for sustainability and green transformation projects (42% of the volume of EIF operations). It also achieved record figures in its venture capital business (€355 million). This amount is expected to support long-term capital financing of €2 billion. In 2022, the EIF also launched thematic guarantee lines for small businesses as part of the InvestEU programme (green transition, innovation, competitiveness and social impact). This has already resulted in €670 million of financing, which is expected to trigger €4 billion of investment in SMEs in areas such as the green transition and innovation.
• Sustainable cities and regions: €2.16 billion was devoted to this Group public policy goal in Spain in 2022, with a strong focus on railway transport, urban transport and sustainable housing solutions.

Strengthened commitment to the green economy

For the first time since EIB operations began in Spain, financing for climate action and environmental sustainability projects to support the transition to a green economy — an overarching priority that cuts across all of the Group’s public policy goals — reached a record €5.18 billion, 52% of the total Group’s investments in the country[2]. Renewable energy and energy efficiency projects (€2.6 billion) and low-emission transport projects (€1.59 billion) contributed the most to this total.

This record figure represents more than 32% increase from the previous year, demonstrating the Bank’s strong commitment to the transition towards a more sustainable economy. It is a commitment that, far from weakening at a time of macroeconomic uncertainty, it has been reinforced in 2022, positioning the Bank as a main financier to achieve climate neutrality in the country. In five years, the Bank has multiplied green financing in Spain by four.

Boosting cohesion

In a post-pandemic world now marked by the uncertainty of the war in Ukraine, the EIB Group has increased funds to promote more sustainable cities and regions, with infrastructure adapted to the needs of people and thus contributing to the economic, social and territorial cohesion in the EU. The Group devoted €4.19 billion to this area in Spain[3] This figure is a clear sign of the Bank’s support for equitable growth and convergence among regions.

Overall EIB Group achievements in 2022

Total EIB Group financing signed last year reached €72.5 billion. This is expected to support investments worth €260 billion and create 950. 000 jobs by 2026. EIB Global, the arm of the EIB created a year ago for projects outside the European Union, signed €9.1 billion of new financing in 2022.

Green financing from the EIB increased substantially again to €36.5 billion, meaning that the Bank met its commitment to devote at least half of its resources to climate action and environmental sustainability, well ahead of its 2025 target. Overall, the EIB Group is well on track to achieve its objective of supporting €1 trillion in green financing this decade, having already backed €222 billion in investment over the past two years.

The EIB provided €1.7 billion to Ukraine as soon as the war broke out to finance urgent repairs to the country’s infrastructure. The Bank remains committed to doing more in Ukraine, in line with the mandate of EU leaders and in close cooperation with the European Commission, the European Parliament and its international partners.