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(Bloomberg) — The European Union will launch a new investment fund to help deliver the trillions of euros of spending that will be needed over the next 15 years for the bloc’s green-energy transition.
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The European Commission estimates that the cost of the shift will surge to €695 billion ($803 billion) a year over the decade from 2031, according to a draft of its Clean Energy Investment Strategy, which is due to be adopted this week. The European Investment Bank is due to play a critical role, including by providing the initial finance for an equity-based Strategic Infrastructure Investment Fund that will help grid operators shore up their balance sheets.
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“Increased and accelerated investments into grids and networks, the backbone of the energy system, is essential for European competitiveness and security,” according to the draft document, which is still subject to change. “Public support can help spread the costs of the transition over the lifetime of assets, preventing short-term price peaks.”
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The funding initiative comes as the EU tries to spur investments in the infrastructure that will be needed for an energy system based on renewables. The Iran war has once again exposed the continent’s reliance on fossil fuels, with oil and gas prices soaring amid the prospect of increased global competition for scarcer supplies.
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A spokesperson for the European Commission didn’t immediately respond to a request for comment.
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It’s not clear at this stage how big the fund is likely to be, nor the size of the EIB’s initial investment.
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