Dilip Kuner
SMALL businesses across Catalunya have been handed a €100?million credit line to help them go green – and fast.
The European Investment Bank (EIB) has teamed up with Catalunya’s public development bank, the Institut Catala de Finances (ICF), to bankroll local companies on their path to sustainability.
The mega-loan is designed to help small and mid-sized firms make the switch to cleaner, greener operations – whether that’s installing solar panels, switching to electric vehicles or transforming how they handle waste.
It’s the first installment of a €200?million deal, with a second tranche expected to land soon. The cash injection is part of the EIB’s wider mission to become Europe’s ‘Climate Bank’, and Catalunya is one of the first regions in Spain to benefit.
The loan is set to fund a whole raft of eco-upgrades, including investment in renewable energy, making buildings and factories more energy-efficient, electrifying vehicle fleets and adopting circular economy models where materials get reused and recycled instead of heading to landfill. Businesses can also revamp their waste management systems to cut down on emissions and reduce their environmental footprint.
Vanessa Servera, CEO of ICF, said the partnership with the EIB means local firms will now get access to better financing conditions, giving them a leg up as they try to hit climate targets and future-proof their businesses.
Gilles Badot, Director of the EIB for the EU public sector, agreed, calling the deal ‘a catalyst for the green transition in Catalonia’s economy’.
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The EIB and ICF have a long history of collaboration. Last year, they signed a €490?million agreement to fund energy-efficient affordable housing projects across Catalunya. In May this year, they announced a separate €100?million loan for social care infrastructure like care homes and assisted living facilities for the elderly and disabled.
This latest deal is squarely focused on fighting climate change. The EIB will provide advisory support through its Green Gateway programme to ensure that projects funded by the loan meet strict environmental standards. That means Catalan businesses will have expert guidance on how to go green the right way.
The EIB will keep a close eye on where the money goes, monitoring projects from start to finish to make sure the cash is being used for its intended purpose.
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