Latvia aims for energy efficiency
Thanks to an EIB loan, Latvia will support the development of energy efficiency solutions
- March 15, 2020 16:00
- Anton Stoyanov
The European Investment Bank (EIB) has signed an agreement with ALTUM – a Latvian state-owned development finance institutions that provides funding for a wide range of projects, for the provision of a loan totalling 18 million euros.
The funding will be used for the financing and the development of energy efficiency projects that will help Latvia on its path towards sustainability and towards achieving its climate change targets.
Another 3 million euros will also be provided for the investment scheme through the “Private Finance for Energy Efficiency (PF4EE)” instrument, financed by the European Union.
Keeping one of the top spots
Latvia already stands among the countries most dedicated to the use of renewable energy sources. Its governments have proven dedication to the cause of combating climate change by the use of new technologies and smart solutions and the new funding will allow them to further boost their efforts.
The specifics of the loan stipulate that the financing will be divided among SMEs and mid-caps and in rare cases large enterprises working within the industrial sector. The goal is for them to use the money to become more energy-efficient, not only by renovating their premises and buildings but also by redesigning their industrial processes in order to become more sustainable.
Valdis Dombrovskis, the European Commission’s Vice President stated that “For Europe to transition to a climate-neutral economy, there is a huge need to invest in energy efficiency projects. With the financial support the EU is providing to ALTUM, Latvian companies of all sizes can take advantage of the opportunity to replace their existing infrastructure with greener alternatives to reduce energy consumption. Every initiative of this kind brings us a step closer to meeting our target of a climate-neutral Europe by 2050.”
Without a doubt, by combining public funding with private enterprises, Europe is set to increase its chances to achieve the ambitious climate targets it has set out for itself.
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