The European Union is upping its game in green financing, announcing on Wednesday €45 billion ($50.1 billion) in additional financing for strategic net-zero technologies and products, Kallanish learns.

The European Investment Bank Group (EIB) Group is increasing the package approved in October 2022 by 50% and expanding eligibility to finance manufacturing in different sectors. The funding will be deployed by 2027 and should unlock over €150 billion in private investment, the bank says.

The financial support will boost manufacturing in sectors including battery and storage; electrolysers and fuel cells; grid technologies; renewables; and carbon capture and storage. It will also be available to companies investing in the extraction, processing and recycling of related critical raw materials.

Additionally, the EIB also approved €10 billion in new lending, including to an EV battery gigafactory in France. It did not disclose details on the loan.

“We are deploying the full range of our available financial firepower to support Europe’s industrial competitiveness, manufacturing, and the roll-out of critical technologies that will lead us to a swift and just transition to net zero,” comments EIB president Werner Hoyer.

The bank claims to be “well on track” to deliver its announced REPowerEU support measures. It points out that financing the deployment of advanced manufacturing, innovative or innovation-enabling technologies will also contribute to fostering innovation and its broad economic benefits, including the creation of local growth and skilled employment opportunities in the EU.

“The expansion of eligibilities for manufacturing is also expected to boost manufacturing capacity in cohesion regions of the EU, where GDP per capita is lower,” it concludes.