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EIB provides €50 million in Bocconi University’s decarbonization and modernization project

EIB provides €50 million in Bocconi University's decarbonization and modernization project

The European Investment Bank (EIB) has allocated €50 million towards the modernization and decarbonization of Bocconi University in Milan. The funding, announced on Wednesday, aims to provide students with sustainable, state-of-the-art facilities. The loan agreement was signed by EIB Vice-President Gelsomina Vigliotti and Bocconi Managing Director Riccardo Taranto in Milan.

The first tranche of the total financing, amounting to €30 million, will be used for the construction, renovation, and modernization of campus buildings. The project aims to meet the highest energy efficiency standards, reduce CO2 emissions and enhance infrastructure resilience to future extreme weather events.

In addition to this, the funding will facilitate the construction of a new nursery to cater to the needs of the university community and neighboring residents. This move aligns with the university’s broader aim of integrating more closely with the city, a process initiated with the opening of the Bocconi Sport Center.

Upon completion at the end of 2029, more than 58,000 m² of the Bocconi campus will have been refurbished due to this key investment. The refurbishment includes student housing and other academic spaces as part of the university’s decarbonization plan.

“We aim to improve the livability of our campus, provide our community of students, professors and staff with teaching and work spaces of the highest quality standards,” said Bocconi Managing Director Riccardo Taranto. He expressed his intent to achieve carbon neutrality by 2025 before focusing on net-zero objectives concerning all other main indirect emissions.

The main projects financed by the EIB involve demolition and reconstruction of two existing buildings (Bocconi 6/8 and Sraffa 11) to make them more energy sustainable. These buildings are expected to be classified as Nearly Zero Energy Building (NZEB) and aim to obtain LEED Platinum certification.

This financing operation comes under the EIB’s REPowerEU initiative, which plans to invest an additional €30 billion over the next five years. The initiative seeks to unlock €115 billion, promoting the green transition and gradually reducing Europe’s dependence on fossil fuels.

The EIB has a history of supporting projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). Between 2019 and 2022, the EIB Group provided €45 billion in financing for projects in Italy. Over the past decade, the EIB has provided over €630 million in financing to Italian universities.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com

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