New Cleaner Transport Facility to finance decarbonisation of European transport sector

The European Investment Bank (EIB) and European Commission have presented a new “Cleaner Transport Facility” (CTF) which aims to financing the decarbonisation of the European transport sector.

Vice-President of the European Investment Bank (EIB) Pim van Ballekom together with EU Commissioner for Transport Violeta Bulc presented a new “Cleaner Transport Facility” (CTF) at the Transport, Telecommunications and Energy Council meetings in Brussels on 01 December 2016.

Cleaner Transport Facility will target the deployment of alternative fuels

The CTF is a new umbrella initiative targeting the deployment of alternative fuels in the transport sector. Its objective is to support the accelerated deployment of cleaner transport vehicles and their associated infrastructure needs, such as for charging and refuelling, which are expected to foster socio-economic benefits including reduced health costs due to cleaner air and lower noise.

Pim van Ballekom, EIB Vice-President, said: “The EIB’s lending in the transport sector is becoming increasingly greener. Last year marked the first year in which the majority of transport projects financed by the EIB in EU Member States were in sustainable transport. With the CTF we aim to support the accelerated deployment of cleaner transport vehicles and their associated infrastructure across all EU countries. This is a process that must be accompanied by a change in the use of public resources, through an intelligent diversification of instruments to achieve and maximize sustainable investment.”

Violeta Bulc, EU Commissioner for Transport added: “Our goal is to increase the efficiency of the transport system by making the most of digital technologies, sustainable transport and further encouraging the shift to lower emission transport modes. Only if the deployment of low-emission alternative energy for transport is accelerated can we achieve the decarbonisation of the sector and ensure that global warming is kept well below 2°C. I am looking forward to the progress we will achieve with the Cleaner Transport Facility and further good cooperation with the European Investment Bank.”

The first project under the facility is expected to be signed early next year and will support the purchase of new hydrogen fuel cell buses, trolley buses and associated infrastructure in Riga, Latvia. Further operations are under approval in Artois-Gohelle in France and in Las Palmas and Palma de Mallorca in Spain.