On Monday 13 November 2023, the European Investment Bank (EIB) and the French region of Nouvelle-Aquitaine signed a €500 million framework finance contract to promote carbon-free transport. This investment aims to improve rail service quality in the region and continue making the regional rolling stock fleet greener.
In particular, it will finance the modernisation of railway lines and network development, the construction of stations, maintenance centres and new rail depots in Nouvelle-Aquitaine, and potentially also the purchase of rolling stock.
The modal shift to public rail transport is a key factor in developing carbon-free mobility. It is expected to reduce the use of private vehicles and their negative impact on the environment, road safety and greenhouse gas emissions, thereby contributing to sustainable transport in line with French and EU targets.
This agreement was signed at the plenary session held to update and improve Néo Terra, the Nouvelle-Aquitaine regional council’s 2030 roadmap for the green and energy transition. It aims to assist public and private sector stakeholders with this transition via specific objectives and concrete actions. The development of clean mobility by providing an expanded range of better-quality public and alternative forms of transport is among Néo Terra’s 11 priorities for driving this transformation across the Nouvelle-Aquitaine region.
“The Nouvelle-Aquitaine region plans to make huge investments in the green and environmental transitions to promote the ambitions of Néo Terra, the regional council’s roadmap for the green and energy transition, the first version of which was adopted in July 2019. Despite an uncertain economic outlook and volatile state resources, our partnership with the European Investment Bank will enable our high-priority low-carbon investments to be implemented during this term of office, and will help to make Nouvelle-Aquitaine the first eco-responsible region, always adapting and anticipating,” said Nouvelle-Aquitaine Regional Council President Alain Rousset.
“Supporting regions during their green transition is a vital priority for the EIB, the EU climate bank,” explained EIB Vice-President Ambroise Fayolle. “Our €500 million in financial support for the Nouvelle-Aquitaine region's investments in carbon-free mobility is a great example of this. It will not only make transport greener, but will also enable genuine modernisation benefiting both users and the regional economy.”
Background information
About the European Investment Bank
Established in 1958 under the Treaty of Rome, the European Investment Bank (EIB) is the European Union’s long-term lending institution owned by the 27 EU Member States. Its remit is to finance projects that contribute to the integration, balanced development and economic and social cohesion of the European Union. It borrows large volumes of funds on the capital markets and lends them on very favourable terms to support projects that help the European Union achieve its objectives. As the EU climate bank, it aims to encourage the emergence and deployment of investment to meet ongoing challenges such as the energy transition to a new low-carbon growth model. In 2022, the EIB provided €5.9 billion to support renewable energies, clean mobility and energy efficiency in France, 70% of its total financing in the country (€8.4 billion).