The European Investment Bank (EIB) and DLL Ireland have agreed to an €80m green business investment initiative, “set to accelerate the adoption of low energy and low emission equipment and machinery by companies across Ireland,” DLL said in a press release.

The cooperation will strengthen new investment by Irish companies, farmers and entrepreneurs to reduce energy use and cut emissions and costs by adopting alternative and renewable energy and improving water and waste management, the lessor said.

The EIB’s backing for DLL’s business financing initiative was highlighted during a visit to the Dublin headquarters of DLL Ireland by EIB vice-president Christian Kettel Thomsen, who said:

“Accelerating green business investment is crucial to deliver a climate-neutral economy and enable companies to cut energy bills, reduce emissions and create green jobs. The European Investment Bank is pleased to support DLL’s visionary support for climate action and environmental business financing across Europe. Ireland is the largest beneficiary of the new initiative reflecting the ambitions and opportunities for scaling up green business investment across the country.”

Fergal O’Mongain, general manager of DLL Ireland, said:

“DLL believes sustainability is essential to long-term success – for our partners, our business and our world. The strengthened partnership with the EIB will improve access to tailor-made business financing to help companies across Ireland speed up energy-efficient, clean energy and environmental investment.”

The EIB’s agreement with DLL Ireland is part of a wider pan-European green financing programme being undertaken by the EIB and DLL with a total value of €200m. This wider programme will include targeted financing for climate action investment by DLL in Belgium, the Netherlands and Luxembourg.

The scheme will finance business investment focused on sustainable investment “with an explicit climate action benefit,” the press release said. It will support DLL business financing over the next years and include leasing financing for agriculture and food businesses and other energy-efficient projects.

The legal agreement for the EIB support for DLL climate action leasing financing in Ireland is expected to be finalised in the coming weeks.

In 2020, the EIB Group provided €1bn for new private and public investment in Ireland.