Luxembourg, 23 December 2024
The European Investment Bank (EIB) and Valencia’s Empresa Municipal de Transportes (EMT) have signed a €69 million loan to finance the expansion of EMT Valencia’s zero-emissions bus fleet, boosting support for sustainable urban public transport.
- The project includes the purchase of 145 electric buses to replace vehicles near the end of their useful life, and associated infrastructure.
- The planned investments will boost deployment of zero-emissions vehicles to improve the quality and sustainability of public transport in Valencia and nearby municipalities.
- The project is part of the EIB Group’s work to promote more sustainable transport, aligned with its strategic priority of consolidating its position as the Climate Bank.
The European Investment Bank (EIB) and Valencia’s Empresa Municipal de Transportes (EMT) have signed a €69 million loan to finance the expansion of EMT Valencia’s zero-emissions bus fleet, boosting support for sustainable urban public transport.
The project includes the purchase of 145 electric buses to replace the vehicles that have been in service in Valencia for the longest and are nearing the end of their useful life.
The EIB support will also allow EMT Valencia to install charging and electricity supply infrastructure, fire safety facilities and IT systems, and add new parking spaces to existing garages.
Using electric vehicles and the accompanying infrastructure helps reduce the carbon footprint of transport as well as noise, pollution and greenhouse gas emissions. The planned investments will put more zero-emissions vehicles on the roads and improve the quality of public transport in Valencia and nearby municipalities, adding a more sustainable alternative to meet the urban mobility needs of residents.
The project is part of the EIB Group’s work to promote more sustainable transport, aligned with its strategic priority of consolidating its position as the Climate Bank. The operation is aligned with the EIB’s Transport Lending Policy, which prioritises investments to improve the sustainability and resilience of existing transport infrastructure, along with new sustainable mobility projects.
The EIB and sustainable transport
The EIB finances projects that drive greener, safer and more accessible transport, in line with its Transport Lending Policy, updated in 2022 following the adoption of the Climate Bank Roadmap and the European Green Deal. This policy sets the investment priorities needed to surmount the challenges facing the transport sector, and those most apt to power the shift to a more sustainable model. Sustainable transport is based on four interdependent pillars: It must be safe, accessible, green and efficient.
Find out more about the EIB’s support for the transport sector here.
Background information
The ElB is the long-term lending institution of the European Union, owned by the Member States. It finances investments that pursue EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.
The EIB Group, consisting of the EIB and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects.