The European Investment Bank and DLL Ireland formally agreed on a new $93.5 million (EUR 80 million) green business investment initiative, set to accelerate adoption of low energy and low emission equipment and machinery by companies across Ireland.
The new cooperation will strengthen new investment by Irish companies, farmers and entrepreneurs to reduce energy use and cut emissions and costs by adopting alternative and renewable energy and improving water and waste management.
The European Investment Bank’s backing for DLL’s business financing initiative was highlighted during a visit to the Dublin headquarters of DLL Ireland by European Investment Bank Vice President Christian Kettel Thomsen.
“Accelerating green business investment is crucial to deliver a climate neutral economy and enable companies to cut energy bills, reduce emissions and create green jobs. The European Investment Bank is pleased to support DLL’s visionary support for climate action and environmental business financing across Europe. Ireland is the largest beneficiary of the new initiative reflecting the ambitions and opportunities for scaling up green business investment across the country.” said Kettel Thomsen.
“DLL believes sustainability is essential to long-term success - for our partners, our business and our world. The strengthened partnership with the EIB will improve access to tailor-made business financing to help companies across Ireland speed up energy efficient, clean energy and environmental investment.” said Fergal O’Mongain, General Manager DLL Ireland.
The EIB’s new agreement with DLL Ireland is part of a wider pan European green financing program being undertaken by the EIB and DLL. With a total value of nearly $234 million (EUR 200 million), this program will include targeted financing for climate action investment by DLL in Belgium, the Netherlands and Luxembourg.
Supporting Green Investment by Agriculture, Food and Manufacturing
The pioneering scheme will finance business investment focused on sustainable investment with an explicit climate action benefit. It will support DLL business financing over the next years and include leasing financing for agriculture and food businesses and other energy efficient projects.
Legal agreement for the new EIB support for DLL climate action leasing financing in Ireland is expected to be finalized in the coming weeks.
In 2020, the European Investment Bank Group provided $1.17 billion (EUR 1 billion) for new private and public investment in Ireland. The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.