During the COP27, the European Investment Fund (EIF) committed to €250 million (£218.9) with five equity funds to generate €2.5 billion (£2.18) of climate actions and environmental sustainability investment across Europe.
The EIF is a part of the European Investment Bank Group and is Europe’s biggest venture capital and private equity financier, and the commitment being made will contribute to the European Green Deal, helping Europe in becoming the first climate-neutral continent by 2050.
‘Contributing to the European Union’s green transition agenda is a top priority for the IEF and the EIB Group.’
‘This has become even more important and urgent given the current energy crisis.’
‘We are therefore very happy to invest in five equity funds that will make a crucial contribution to the energy transition in a variety of sectors, from water to food and infrastructure.’
‘Signing these commitments at COP27 sends a strong market signal that investing in green business models and technologies is possible and vital to our common future’, commented Alessandro Tappi, EIF Chief Investment Officer.
The main funds invested in are Growth Blue Fund I, PureTerra Ventures, SUMA Capital Climate Fund III and Eiffel Transition Infrastructure Fund principally supported by the InvestEU programme which is built to provide long-term funding to companies to reach the target imposed by the EIF.
The EIF commitments are:
- €28 million (£24.5) to the Growth Blue Fund I
- €30 million (£26.5) to PureTerra Ventures
- €39 million (£34) to the Zintinus Fund I
- €75 million (£65) to the SUMA Capital Climate Impact Fund III
- €75 million (£65) to the Eiffel Transition Infrastructure Fund
These investments will have a considerable impact on the development of the green sector in Europe, and the EIF is on the right track to boost this surge.
‘The green transition must be accelerated and cannot be delayed.’
‘The InvestEU programme seeks to mobilise private investments to help drive the support needed to deliver that transition.’
‘The agreements signed are clear evidence of this, as well as of the InvestEU’s role in helping to make sustainable investment projects across the EU a reality’, commented Paolo Gentiloni, Commissioner for Economy.
(Source: European Commission, Private Equity Insights)