- In 2024, the EIB Group reached a funding volume of €1.7 billion in Austria
- Focus on countercyclical investment promotion in energy-intensive industries such as steel production
- The expansion of renewable energies remains a priority goal
The European Investment Bank Group (EIB Group) can look back on a successful year 2024 in Austria. With a total lending volume of nearly €1.7 billion, it granted around 30% more loans than in the previous year. Funding applications were submitted to the EIB by public and private sector firms, primarily for energy projects that reduce CO2 emissions and promote the transition to renewable energy.
2024 brought a rise in the construction of solar plants and wind farms in Austria – supported by the national government, which has set the objective of generating all of the country’s electricity from renewable sources by 2030. As in the two previous years, in 2024 the EIB exceeded its goal of allocating at least 50% of funding to climate action. In Austria, 64% of total investment went to climate.
The EIB co-finances wind and solar projects together with partner banks. In Burgenland, it is providing €80 million to fund six solar parks by Püspök. They will supply 71 000 households with electricity, and the farmland they will be built on can continue to be used to grow crops.
Burgenland Energie AG will also receive EIB financing of up to €620 million to build solar and wind parks. With a generation capacity of 1.3 GW once complete, they will be able to meet one-sixth of Austria’s electricity needs. The EU bank is also co-financing the Spannberg wind park in Lower Austria, with four wind turbines and a further seven in the planning phase.
The EIB Group, consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), seeks to be a reliable partner in making European industry more competitive – especially in difficult economic times, by promoting countercyclical investment. In the steel and construction industries, the EIB Group finances projects in Austria that support their green transition: for example, with a €300 million grant issued to Voestalpine for research and development.
“The EIB is a strong partner for Austria’s future,” EIB Vice-President Thomas Östros stated. “Our investments make it easier for firms to expand and become more innovative, to use renewable energy and to cut energy consumption. We invest countercyclically and promote the long-term competitiveness of Austrian industry. We will continue to support the development of wind, solar and hydro power plants.”
To increase the housing supply, the EIB is continuing to back affordable housing projects. In Salzburg and Tyrol, it is working with regional savings banks to finance the construction of 1 750 rental units in non-profit housing with low-cost framework loans.
As in previous years, the EIF – whose shareholders include the EIB, the European Commission and several national and regional promotional banks – continued to support specialised funds targeting startups and innovative technologies, investing €66 million in Austria.
In 2024, in view of the EIB Group’s policy priorities, projects in Austria in the field of sustainable energy and natural resources received the most support, with €765 million, followed by innovation, digital and human capital, with €462 million. Sustainable cities and regions received €329 million, and SMEs and mid-caps received €112 million.
EIB Group investment in Austria in 2024 supported investment of in total €4.3 billion. Thus, each euro of EIB Group financing raised investment of around €2.60.
Background information
EIB
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives by bolstering digitalisation and technological innovation, security and defence, agriculture and bioeconomy, social infrastructure, high-impact investments outside the EU, and the Capital Markets Union.
The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 projects in 2024. These commitments are expected to mobilise around €350 billion in investment, supporting 400 000 companies and 5.8 million jobs.
All projects financed by the EIB Group are in line with the Paris Climate Accord and the EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.
Approximately half of the EIB's financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average. This underscores the Bank's commitment to fostering inclusive growth and the convergence of living standards.