EIB to back green transformation of German mining area

The European Investment Bank (EIB) said on Tuesday that it will provide EUR 150 million (USD 162.3m) to support the transformation of the Lusatia mining area in eastern Germany into a green energy hub.

Lusatia is known for lignite mining, which provides 13,000 jobs in the region. However, two-thirds of these jobs will disappear with the phase-out of coal by 2030 when the last two open-cast mines close. The plan involves the transformation of Lusatia into a climate-friendly economy that would offer follow-on job opportunities.

The EIB financing aims to reduce the social and economic impact of the lignite phase-out. The funding can be used for local and regional development, public transport, health, energy and training, the bank said.

The EIB added it is working with German regional promotional bank Investitionsbank des Landes Brandenburg on the Lusatia programme.

In October 2023, German energy company LEAG said it had started the construction of a 24.8 MWp solar project in Lusatia as part of its efforts to turn the region into a green energy powerhouse. Overall, LEAG plans to build up to 7 GW of renewables in Lusatia with a total investment of EUR 10 billion by 2030.

(EUR 1 = USD 1.082)

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