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✉️ Open Letter: Expand EIB guarantees to unlock EU industrial competitiveness! ✉️ The European Investment Bank (EIB) already plays an essential role filling the investment gap that will modernise the EU’s industrial base and unlock the economic and energy resilience advantages from a net zero economy. Yet, the European Commission sees a €620 billion annual investment need to meet its energy and climate targets - with at least €92 billion required by 2030 to build the manufacturing capacity for only six strategic clean technologies. Together with 39 European cleantech innovators, investors, industry associations, researchers and NGOs, we call on the EIB to support the expansion of its public guarantee that can scale-up Europe's cleantech manufacturing significantly and reinforce the global competitiveness of EU green industry. We do so ahead of the European Investment Bank (EIB)’s Board of Governors meeting this Friday to approve its new 2024-2027 strategic road map. Our message: ⚡ Guarantees can secure Europe’s energy transition 🏛️ The EIB as the EU’s Climate Bank can support the growth of a Green capital market union to deliver Europe’s clean energy future ⚠️ European cleantech manufacturers are turning down orders for lack of bank guarantees ❗ The issue is access, not cost, and European manufacturers are at risk. 💡 The EIB’s counter-guarantee facility is a strong catalyst for a thriving green economy By shifting risk from commercial banks to the EIB’s balance sheet and the European budget, via InvestEU, European banks can offer new guarantee lines for cleantech projects and promote bank lending to emerging cleantech manufacturing. This is a strategic and crucial intervention to address a capital market failure and ensure Europe’s energy system and industry transformation. The EIB would be delivering its climate bank mandate by stepping for cleantech and innovative renewables where commercial banks reach their lending limits, as these limits are not configured to match the speed and ambition of Europe’s energy transition. https://lnkd.in/etvsU2u5 Climate Strategy & Partners Tech for Net Zero I4CE - Institut de l'économie pour le climat / Institute for Climate Economics 1.5° Ventures 2150 Airborne Wind Europe Aster Capital Atlantic Labs CAPHENIA Carbon-Free Europe DeepDrive EASE - The European Association for Storage of Energy Electrochaea Energy Dome EUREC - The Association of European Renewable Energy Research Centres Extantia Future Cleantech Architects GET Fund HV Capital ICODOS IKEM – Institute for Climate Protection, Energy and Mobility Jacques Delors Institute Kiko Ventures KRAFTBLOCK Matterwave Ventures Novocarbo Ocean Energy Europe Planet A Ventures Renewable Hydrogen Coalition Simplifhy Sunfire Trill Impact UnternehmerTUM Vireo Ventures World Fund
ICODOS supports this crucial initiative for expanding EIB guarantees. Together, we can secure Europe’s energy transition and green industry future.