Creation Covenant Alliance

EIB Kicks Off EUR 5 Billion Wind Initiative in Collaboration with Deutsche Bank

The European Investment Bank (EIB) initiated a EUR 5 billion program for wind energy, starting with a EUR 500 million guarantee to Deutsche Bank.
Photo from Borkum Riffgrund 2 which came into operation in 2018.

The European Investment Bank (EIB) has launched a EUR 5 billion program to support the wind energy sector, starting with a EUR 500 million counter-guarantee to Deutsche Bank.

This transaction will allow Deutsche Bank to create a portfolio of up to EUR 1 billion in banking guarantees for new wind farm investments in the EU. It is expected to stimulate private investments worth up to EUR 8 billion.

In this initial phase, Deutsche Bank will leverage the EIB’s backing to offer banking guarantees to wind energy manufacturers. This will enable these manufacturers to receive advance payments and provide performance guarantees for new wind projects.

The guarantee scheme also facilitates manufacturers in paying their suppliers in advance for essential wind farm components, such as turbines, grid connection infrastructure, cables, and transformer stations.

“The acceleration and scale of the energy transition require significant investments as well as collateral and guarantee provisions. Our agreement with the EIB provides substantial additional guarantee volumes for wind manufacturers to secure and execute large-scale projects,” said Alexander von zur Muehlen, CEO of Asia Pacific, Europe, Middle East & Africa (EMEA), and Germany, and Member of the Management Board at Deutsche Bank.

This initiative, announced in December of last year, is part of the EUR Wind Power Package.

The European Investment Bank’s EUR 5 billion initiative could help develop 32 gigawatts (GW) of new wind capacity, supporting the EU’s goal of adding 117 GW of new wind power by 2030.

“Today’s announcement is warmly welcomed. It is a crucial step in delivering the EU Wind Power Package. There is rapidly growing demand for wind turbines that are ‘made in Europe.’ Improved access to finance and de-risking instruments are essential to ensure Europe’s wind turbine manufacturers can meet this demand and increase their manufacturing output in line with the EU’s 2030 targets,” said Phil Cole, Director of Industrial Affairs at WindEurope.

Original Story at www.offshorewind.biz

Trending News

Mississippi River Faces Persistent Saltwater Intrusion, Region Seeks Long-Term Solutions



For the third consecutive year, the Mississippi River is experiencing significant saltwater intrusion, prompting local communities and environmental experts to search for sustainable solutions. This recurring issue arises as the river’s flow decreases, allowing saltwater to move upstream and threaten drinking water supplies. The U.S. Army Corps of Engineers is actively involved in addressing this problem, employing temporary measures like saltwater barriers to mitigate the impact on affected areas.



Saltwater infiltration poses serious risks to public health and agriculture, as freshwater sources become compromised. The situation is exacerbated by prolonged periods of drought, which have reduced freshwater flow in the Mississippi River. According to the National Weather Service, drought conditions have worsened due to climate change, increasing the frequency and severity of saltwater intrusion events.



Local authorities are collaborating with federal agencies to explore permanent solutions. Among the proposed strategies are enhanced levee systems and improved water management techniques. The U.S. Army Corps of Engineers is evaluating the feasibility of long-term infrastructure projects to prevent further saltwater encroachment. Additionally, community leaders are advocating for increased funding to support these initiatives and safeguard the region’s water resources.



The impact of saltwater intrusion extends beyond drinking water concerns, affecting local ecosystems and agricultural productivity. Farmers in the region have reported crop damage due to elevated salinity levels in irrigation water. The Natural Resources Conservation Service is working with farmers to implement adaptive practices, such as planting salt-tolerant crops and improving soil management techniques.



As the Mississippi River continues to face challenges from saltwater intrusion, stakeholders emphasize the importance of collaborative efforts and innovative solutions. The ongoing threat underscores the need for comprehensive planning and investment to protect one of America’s most vital waterways from the impacts of climate change and environmental stressors.

November 19, 2024



Environmental activists have raised concerns over the fossil fuel sector’s significant impact on COP29, the latest United Nations Climate Change Conference. Activists argue that the industry’s presence diverts focus from critical climate actions.



The conference, designed to promote global climate agreements, faces criticism for allowing fossil fuel companies to participate extensively. Environmental groups claim these companies undermine efforts to reduce carbon emissions and transition to renewable energy sources.



According to Climate Action Network, fossil fuel representatives have increased their lobbying activities, aiming to weaken climate policies. These industries allegedly influence negotiations, leading to watered-down commitments that fail to address the urgency of climate change effectively.



Experts suggest that the influence of these companies stems from financial contributions and longstanding relationships with decision-makers. Critics argue that this affects the conference’s ability to enforce meaningful climate change regulations.



During the event, several protests highlighted the need for transparency and a stronger focus on sustainable energy solutions. Activists are calling for increased participation of renewable energy stakeholders in future conferences.



The controversy surrounding fossil fuel involvement at COP29 underscores the ongoing challenge of balancing industrial interests with the global imperative to combat climate change.



November 19, 2024