EIB Group Boosts Sweden’s Green Transition with €1.9 Billion Financing in 2024
(IN BRIEF) In 2024, Sweden received approximately €1.9 billion in financing from the European Investment Bank (EIB) Group, with over 65% directed toward climate and sustainability initiatives. This funding supported key projects in renewable energy, infrastructure, and digitalization, including wind power and 5G expansion. The financing is expected to preserve more than 32,000 jobs and contribute to Sweden’s continued green transition and economic growth.
(PRESS RELEASE) LUXEMBOURG, 20-Feb-2025 — /EuropaWire/ — In 2024, Sweden received significant backing from the European Investment Bank (EIB) Group, which provided approximately SEK 22 billion (€1.9 billion) in financing aimed at fostering economic growth and accelerating the nation’s green transition. A notable 65% of this financing was allocated to initiatives focused on environmental sustainability, reflecting the country’s commitment to addressing climate change. This support is also expected to help preserve more than 32,000 jobs across the nation.
Throughout the year, the EIB and its subsidiary, the European Investment Fund (EIF), continued to invest heavily in Sweden’s development, with a strong emphasis on projects aligned with climate goals. More than 60% of the total financing supported climate-related initiatives, such as wind power, energy-efficient housing, and industrial electrification.
“Sweden has made impressive progress in its green transition, but the journey is far from over. As the EU’s climate bank, we are committed to accelerating investments in renewable energy, electrification, and other climate-positive initiatives. Our efforts will continue to generate significant societal value by contributing to sustainable jobs and robust infrastructure for Swedish communities,” commented EIB Vice-President Thomas Östros.
Key Investments and Initiatives Funded by the EIB Group
In 2024, the EIB Group finalized over 20 financing agreements in Sweden, supporting a diverse range of projects across various sectors. Some of the notable investments include:
SKF: €430 million for research and innovation in renewable energy and electromobility.
Chromafora: €22.5 million to address the environmental impact of PFAS (persistent chemicals).
Tele2: €140 million to expand Sweden’s 5G network, bringing coverage to 99% of the population.
City of Stockholm: €368 million to redevelop the Slussen area and mitigate flooding risks.
City of Malmö: €225 million to construct more than 1,500 energy-efficient homes.
These projects illustrate the EIB Group’s deep involvement in Sweden’s green transition, digital transformation, and social infrastructure.
EIF’s Contributions to Sweden’s Economic Growth
In addition to the EIB’s investments, the EIF allocated €320 million to capital investments and guarantees, which is expected to mobilize SEK 3.8 billion in funding across Sweden. This financing will benefit over 5,300 companies, supporting their growth and development. Many of these initiatives are backed by the European Commission’s InvestEU program, which fosters cross-border investment to support economic recovery and resilience.
The EIF also provided guarantees for businesses like Froda, a corporate lender, and invested in funds such as Course Corrected and the Swedish Impact Lending Fund, further demonstrating the EIF’s integral role in strengthening Sweden’s economy.
Background information
EIB
The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. The EIB finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.
All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 billion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.
Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.
Media Contact:
Thomas Eriksson
[email protected]
Press Office
[email protected]
+352 43791
SOURCE: European Investment Bank
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