The European Investment Bank and Endesa are joining forces to promote electric mobility in Spain. The EU bank will provide Endesa with €35 million in financing for the installation of electric charging stations across the entire country. The project, which will be implemented over the next four years, will make it possible to roll out a total of 8500 charging points for hybrid or electric vehicles.
The first 2000 charging points will be installed this year on the main motorway network and in Spain's principal urban areas, with the aim of covering 15 000 km, and towns and cities with over 35 000 residents. This will provide electric vehicle drivers with charging points every 100 km and charging infrastructure in the country's main towns and cities. The remainder of the stations will be installed gradually over the next three years until 2023, reaching 8500 publicly accessible charging points. All of these will be on roads or in public car parks with open access for drivers.
The new financing will help to speed up the transition to electric mobility in Europe and to meet the goal of having 1 million charging points in the EU by 2025, as outlined in the European Commission's European Green Deal.
The project will help to cut road transport emissions and to meet the goals of the European Green Deal and Paris Agreement, which state that emissions produced by this kind of transport must fall by 90% by 2050. According to the EIB's estimates, once they have been installed, the new electric charging points will prevent the emission of 57 000 tonnes of CO2 a year.
The EIB is the world's largest multilateral provider of climate finance. Its goal is to be a leader in mobilising the finance needed to limit the average global temperature increase to 1.5°C compared to preindustrial levels in order to meet the Paris Agreement objectives. On 14 November 2019, the EIB Board of Directors approved its new climate objectives and the new energy lending policy. The Bank will gradually increase its financing for climate and environmental objectives up to 50% by 2025, with the goal of ensuring that the EIB Group mobilises at least €1 trillion in the critical decade between 2021 and 2030 to promote investments helping to meet these objectives.