In the previous year, the European Investment Bank Group has set a new record by extending €1.6 billion in fresh funding to Ireland. This capital injection is facilitating business growth, driving innovation, generating employment opportunities, and bolstering education. As a finance division of the European Union, the group is efficiently investing and leveraging private capital in areas where there are common objectives.
For instance, all nine universities in the country are being funded, this includes new developments such as the establishment of the Cork University Business School and the introduction of additional student residences at Dublin’s Trinity College. Worth noting is the considerable investment in housing, given that many EU member states face housing challenges. Efforts are in place to assist industries and households transition to greener practices, with diverse projects in small venture capital investments for green startups and substantial infrastructures like the Celtic interconnector with France and the expansion of offshore wind production.
Financial assistance extends to comprehensive schemes, such as deploying 2.4 million smart electricity gauges to support Ireland’s farm, home, and business energy efficiency, whilst a new €500 million affordable Home Energy Upgrade Loan Scheme is helping homeowners gain access to warmer homes with reduced energy costs, retrofitting existing properties and, subsequently significantly reducing carbon emissions.
Climate change is a significant problem for our generation. However, we have the resources to confront this issue. The twin transitions of digitisation and greener practices, accelerated by the Covid-19 pandemic and the Ukraine conflict, are indeed challenging but can yield tremendous rewards. If implemented correctly, we can boost economic productivity using cutting-edge technologies while adopting a more eco-friendly lifestyle, reducing our carbon emissions and safeguarding ourselves against future shocks by reducing our reliance on carbon-based fuels.
This isn’t a future-oriented scheme—it’s a current imperative to ensure our safety and maintain strategic autonomy. It’s an obvious course of action. Our generation faces the significant challenge of climate change, but the silver lining is that we have the resources to address this issue. Ireland, with its vibrant mix of startups, research centres, and international corporations, can lead the way in practical, low-cost solutions that can be implemented at an EU-wide level. Significant to note is that 80 per cent of the investments the EIB Group made in Ireland in 2023 are fostering the green transition towards a more productive and sustainable economy.
In collaboration with government bodies and Irish commercial and financial entities, the European Investment Bank (EIB) Group can furnish its expertise in areas which are most in need. This is the exact expectation public institutional bodies, whether national or European, bear from the populace – to lend their ears and put forward their best efforts to render security, stability, faith, growth and prosperity, thereby creating a prosperous future for the younger generations.
I hold a stronger belief than before that strategic, long-term investments in vital infrastructure and innovations, as well as boosting the economy, are the logical and appropriate steps forward. This strategy entails constructing and enhancing large scale networks in energy, transportation, information technology, housing, health and education sectors.
Nearly all European nations face the dual challenge of dealing with housing shortages and climate change at present. In response to these challenges, the European Investment Bank Group has taken up a crucial role in addressing and resolving these issues in the most efficient and effective way possible. Through collective efforts, we can realise projects that would not be possible without the financial backing of the European Union.
Our commitment to investment in the housing sector is monumental. This is a common concern among all member states of the EU. During our interactions with our Irish counterparts, we managed to develop a definitive plan for future collaborative investments in primary sectors. This outcome is a testament to the efficacy of our joint partnership and guarantees investments that are focused and result oriented. In the forthcoming months, our teams will be turning their efforts towards bringing major new initiatives to successful completion in housing, environment, water, transport, education, innovation and digitalisation sectors.
The EIB Group, in its cooperative efforts with government bodies and Irish business and financial stakeholders, is equipped to provide applied knowledge where it is significantly required. This extends to areas such as developing complex financial tools, appraising high risk and innovative projects, scaling existing technologies and ensuring that these finances reach their intended target areas for maximum impact in valuable, substantial projects.
Nadia Calviño serves as the president of the European Investment Bank Group.