„Europe is considered a very attractive safe asset“
Ms Calviño, many banks and asset managers are currently withdrawing from alliances for net zero. Is this the end for green and sustainable finance?
Our impression is that markets and investors continue to provide very substantial investment to support the green transition.
What does that mean from the perspective of the green finance market?
We have recently had another very positive experience on the markets. We issued our first green bond in accordance with the European Green Bond Standard. The bond, with an issue volume of 3 billion euros, was oversubscribed 13 times. This clearly shows that market participants continue to view this as a good investment.
What does this mean for the EIB?
We will continue to be Europe's climate bank. We will support the green transition in Europe by investing in net zero and in innovative technologies that support the green energy transition.
You recently adjusted the EIB's framework for green and sustainable financing. What are the changes?
We haven't changed much in the area of green finance. What is special is that we issued our first green bond in accordance with the European standard for green bonds, the regulation for which only came into force in December 2024. In the area of sustainability bonds, we have expanded the range of investable projects.
What new uses of proceeds does the EIB enable?
For example, economic support for women and gender equality for everyone, known as gender equality. With these new objectives, the proceeds from the EIB's sustainability awareness bonds can be used, for example, to invest in women-led businesses.
What are your overall issuance plans for this year? What share will climate awareness bonds and sustainable awareness bonds account for, so CAB and SAB issuances?
Just this week, we issued a ten-year Climate Awareness Bond worth 5 billion euros, with a record order book of 56 billion euros. This means we have achieved a total issuance volume of 47 billion euros in 2025. This corresponds to almost 80% of our refinancing target. We have also issued roughly the same amount in previous years up to this point. Our estimated total issuance volume for this year is 60 billion euros. Theoretically, we could go up to 65 billion euros. The planned share of CAB and SAB issuances for the full year is approximately 35% of the planned refinancing volume.
There is currently a demand for safe assets, not only in Europe, but especially in Europe. In this context, how do you assess the bonds issued by the EU, the EIB and the ESM? Do we need another safe investment beyond that?
I do not wish to comment on current discussions about issues that go beyond the remit of the European Investment Bank. What I can say, however, is that Europe is currently considered a safe investment. Europe is considered a very attractive safe asset, and for many, now is the time to choose Europe.
How is this reflected?
Investors are showing strong interest in these assets. This is particularly true given the uncertainties we have recently faced. Investor appetite for these bonds is high. We are also seeing this with EIB bonds. It is a very, very strong market.
And what do you think are the motives behind this demand?
In times like these, when you feel that everything is changing everywhere at once, Europe clearly stands out on the financial markets. Europe impresses with its clarity, stability and trust. And the EIB will continue to offer secure investments to the global investor base with our bonds.
Hasn't the trade conflict led to investor caution?
So far, we have not noticed any impact on investor demand. At the same time, we recognise that volatility is the new normal.
And what do the trade tensions mean for the EIB's work in general?
The EIB is committed to international partnerships and is continuing and intensifying its support for the EU's trade relations with other regions of the world. Mercosur, India, Mexico and Chile, to only name a few. Europe is a powerhouse of trade policy – and the EIB is helping to expand and diversify partnerships.
Are investors shifting from the US to the European bond market?
It is still too early to say. Of course, there are some movements, with some investors diversifying their portfolios a little more. But structural adjustments to asset allocation take time.
And now? Is this the euro's moment?
What we are seeing is a good opportunity for the euro to consolidate and expand its role as an international reserve currency. We are working together with the European Central Bank and the European Commission to further strengthen the international role of the euro. However, that will also take time.
Let's talk about the utilisation of funds. You recently announced ambitious investment plans to strengthen defence.
Yes, we have a full project pipeline with more than 20 projects. We are making rapid progress, including with our venture capital financing in the security and defence sector.
Speaking of innovation, what is the EIB doing to promote digital transformation and technical innovation?
We are working on the EU's largest technology investment programme. We want to mobilise a total of 250 billion euros by 2027. We want to offer the full range of financing forms: equity, debt, venture debt, scale-up debt and so on, so that we can support the life cycle of a project or innovation at every stage. We will start with clean tech so that sustainable business models emerging in Europe can also grow to market maturity in Europe.
How has your toolbox changed?
We have increased our risk appetite and diversified the portfolio of instruments we are using to get there. We are following market demand in doing so.
What does that mean?
In the defence sector, for example, we identified a need for liquidity and working capital among medium-sized companies in the industry and developed a corresponding funding instrument. We are tripling the financing available to banks to provide liquidity to such companies in the European defence industry supply chain.
And just this week, we signed an agreement with Deutsche Bank in this area. On the equity side, we launched the European Tech Champions Initiative some time ago, which supports start-ups in scaling up.
The EU wants to relieve pressure on bank balance sheets by revitalising the securitisation market. What role will the EIB play in this?
We already play a very active role in the securitisation market – both in terms of standard transactions and in relation to innovations in the market. For example, we are committed to establishing new underlying portfolios on the market, such as solar panels.
