The European Investment Bank's support will play a key role in the Just Transiton Mechanism
During the annual press conference in Brussels, Werner Hoyer, President of the European Investment Bank, mentioned achievements of his institution, because it was estimated that in 2019 the cash outlays on climate goals will reach 25% of the entire fund. Meanwhile, subsidies have reached 31% of the resources of the Bank, which according to President Hoyer is a good step:We are proud of the fact that the EIB will be a driving force to ensure the implementation of the European Green Deal announced by the European Commission.EIB financial support will be a key element of the Just Transition Mechanism in the process of transforming the regions most dependent on coal. Hoyer emphatically pointed out that the bank completely abandons projects related to fossil fuels, including gas: If we move away from dirty technology and switch to gas, this is obviously progress, but is it sustainable progress?He explained that the bank is currently financing gas projects, but: We have a very strong feeling that within 10-15 years we will have to write them off, he says.The European Investment Bank plans to allocate half its financing to climate and environmental measures - over a 1000 billion euros in 2025-2030.In addition, by the end of 2020, all of the bank's activities will be in line with the Paris Agreement. Poland is to be one of the main beneficiaries of this financing. It is estimated that it can receive around 5.5 billion euros.