EU, EIB and Government of Croatia to support transition to renewable, green and carbon neutral energy sector

(Source: European Investment Bank)

  • EU, EIB and Government present financing and technical advisory tools available for the energy transition into a carbon neutral sector to the representatives of the country`s energy sector;
  • The workshop stems from the Memorandum of Understanding signed in 2021 between the EIB and the Ministry of Economy and Sustainable Development to establish cooperation on the development and financing of Croatia’s key energy, resilience and climate projects;
  • The EIB will support Croatia benefit from opportunities unlocked by EU climate ambitions, including the EC Green Deal Investment Plan;
  • Successful energy transition is key for the EU plans to become carbon neutral by 2050 and restrain the devastating rise of the temperatures on the planet.

The European Investment Bank (EIB), European Commission (EC) and the Ministry of Economy and Sustainable Development of the Republic of Croatia met representatives of Croatia`s energy sector for a two-day “Energy Finance Seminar” and introduced the multi-billion investment opportunities and support mechanism created by the EU-wide climate action and transition towards a carbon neutral, renewable and green energy market.

To support its energy and climate transition into a carbon-neutral block by 2050, the EU has set up several new financing mechanisms and funds, and designated some 20 percent of the funding under the next Generation EU for the European Green Deal objectives. 

The seminar provided a comprehensive overview of the EU financing opportunities, as well as a wide range of new products, advisory services and financing opportunities set by the European Investment Bank for the climate action and energy transition of the public and private sectors in the EU.

Teresa Czerwinska, Vice President of the EIB, said: “Meeting the EU climate and energy targets will require substantial investments in the energy sector and the EIB wants Croatia to benefit as much as possible from this process. These investments will help curb the rising temperatures, and transform the EU and Croatia into sustainable, green and circular economies capable of creating jobs and incomes for our citizens without threatening the environment. The EIB wants Croatia to receive all the support it needs to compete the energy transition quickly and efficiently and our seminar is just one way of achieving this goal. I would like to thank the Ministry of Economy and Sustainable development for the opportunity to work together on these issues crucial for the future of Croatia, the EU and the planet.”

Ivo Milatic, State Secretary at the Ministry of Economy and Sustainable Development, said: “Regarding energy sector, we started to think “green” in 2007 when first renewable energy projects started. We also fully support Energy union and set up our laws and strategic documents to new green energy sector. In our National Energy and Climate Plans, we already put ambitious goals regarding renewable energy and there is more than hundred measures in NECP that will be implemented in next ten years and serious investment in all sectors will be needed. We find European Investment Bank as an important partner in that process.”

Ognian Zlatev, Head of the EU Representation in Croatia, said: “Climate change and environmental degradation are an existential threat to Europe and the world. Meeting EU climate and energy targets set in the framework of the European Green Deal will transform the EU into a modern, resource-efficient and competitive economy. Therefore, I am grateful to EIB for having carried out this seminar and would like to offer the Croatian authorities all our support in the transition process into a sustainable, green and circular economy.”

The Energy Financing Seminar stems from the Memorandum of Understanding signed in January 2021 between the EIB and the Ministry of Economy and Sustainable Development of Croatia, which expanded cooperation on the development and financing of key energy, sustainability and climate-related projects in the country.

EU, EIB support for Croatia`s National Energy and Climate Plan

Croatia’s National Energy and Climate Plan (NECP) and the national strategy foresee significant investments across the energy sector, including hydropower, wind farms, solar PV plants, hydrogen energy, and production of electric batteries as well as the renovation and expansion of the electricity networks.

At the same time, investments in energy efficiency also presents an important potential to reduce CO2 emissions as well as energy bills for the citizens and businesses alike.

Efficient and timely use of financial and advisory support available at the EIB, together with the financial instruments and grants from the European Union will be key to ensure quick and efficient transition which requires close cooperation and coordination between the EU, Government, public and private sector.

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