Austria intends to accelerate its energy transition. In order to support renewable energy projects of Austrian SMEs, the European Investment Bank (EIB) and Unicredit Bank Austria will support investments in the direction of energy transition.
Austria aims for 100% renewable energy by 2030
To support Austria’s goal, ISB announces a loan of up to EUR 92 million to Unicredit Bank Austria. The Austrian political agenda being ambitious in the renewable sector, it is thus a question of favoring smaller players.
Austria, producing more than 75% of its electricity from renewable energies, is already the European leader in this sector. The Austrian government intends to promote decentralized solar photovoltaic systems. A program of 100,000 solar roofs is part of this logic.
Thomas Östros, ISB Vice President, says:
“Austria already enjoys one of the most developed and efficient green energy markets in Europe, with a strong track record of successful climate action investments and a significant pipeline of new projects expected in the coming years.”
Thus, UniCredit Bank Austria will be able to create a portfolio of up to 200 million euros of loans to finance renewable programs. Since the decision of the Austrian Parliament to raise the target for the share of renewable energy in 2021, projects have multiplied.
Dieter Hengl, member of the Board of Directors of UniCredit Bank Austria, comments:
“Climate protection and sustainability have long been extremely strategic issues for our bank. The financial sector as a whole will play a key role in financing the transition to a low-carbon economy. Channelling money flows to sustainable and climate-friendly industries, activities and initiatives is the key issue. […] With ISB, we help companies become sustainable and climate-friendly and can thus enable our clients to invest in these important areas on particularly advantageous terms.”
Moreover, solar energy is not the only one to benefit from this support. In fact, Austria will also be able to use this amount to develop hydro or wind energy.