Oded Rozenberg, Apollo Power’s CEO, holding a lightweight flexible solar panel. Photo By Rami Zerenger
The EU’s European Investment Bank (EIB) is working with Israel’s Bank Leumi to invest 250 million Euros ($275 million) in Israeli green projects. Globes reported that the two banks signed a memorandum of understanding on this deal which is part of Bank Leumi’s plan to provide up to $10 billion in credit for green projects through the year 2030.
The new agreement comes after, in February of 2023, EIB and Bank Leumi signed a deal for 500 Million Euros in support of green projects in Israel.
It makes perfect sense that the Europeans are looking to Israel for innovation in green tech. Israel Startup Nation is at the forefront of developing such new technologies.
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Israeli firms like SolarEdge and Solegreen are advancing solar energy tech. And last summer researchers from Tel Aviv University succeeded in producing “green” hydrogen using green electricity — the hydrogen is produced without air pollution, with a high level of efficiency, utilizing a biocatalyst.
Bank Leumi president and CEO Hanan Friedman said, “The implementation of the next stage in the agreement with the EIB, which we announced today, will allow us to step up the financing of green and social projects. Alongside this collaboration, we are creating additional channels that will allow Leumi to continue to be at the forefront of green banking in Israel.”
The European Investment Bank is the bank of the European Union. It is the biggest multilateral financial institution in the world and one of the largest providers of finance for climate action. Since 1958, the EIB has provided loans and expert advice for thousands of projects in over 160 countries. It provides economic support to sectors that contribute significantly to growth, employment, regional cohesion and environmental sustainability in Europe and beyond.
The European Union is at the forefront of the global fight against climate change and environmental degradation. With the European Green Deal, the EU aims at making the European economy sustainable and inclusive. The EIB is an important partner in this new growth strategy while playing a leading role in the implementation of the Paris Agreement and the Sustainable Development Goals.
