The European Investment Bank (EIB) and the Polish Development Fund (PFR) will tighten cooperation in the areas of sustainable environmental protection, climate change mitigation and adaptation, improvement of energy efficiency and use of renewable energy sources.
The agreement made between the parties will remain in force for at least five years and also cover cooperation in the field of green debt products (bonds or loans) and advisory services within the Green Hub.
“This is a very important agreement for the EIB, which will expand the possibilities of financing green projects. Increasing the share of renewable energy, sustainable environmental protection and increasing the innovation of low-emission technologies will ensure greater competitiveness and enable more dynamic development of the Polish economy,” EIB Vice-President Teresa Czerwińska said.
In the period 2022-2025, energy transformation financing will be one of the three pillars of the Polish Development Fund’s activity. The main emphasis will be placed on the development of infrastructure to increase energy security and reduce the emission intensity of the Polish energy sector, both at the system and local levels. To this end, PFR will supplement commercial financing to enable private businesses and local governments to implement green investments in photovoltaic and wind installations, heating systems and energy storage.
“One of the strategic activities of PFR is the provision of capital instruments to carry out the energy transformation in Poland. As part of the dedicated PFR Green Hub programme, we create, among others: a network of business and institutional partners with whom we can jointly develop the Polish RES (renewable energy sources) market. I am pleased that such a strong partner as the European Investment Bank has joined this group,” Paweł Borys, President of the Polish Development Fund said.
In 2021, the EIB Group provided 6.5 billion euros in financing projects in Poland. The same year, green financing of the Ban reached 43 per cent in Europe and 42 per cent in Poland.