The European Investment Bank and DLL Ireland formally agreed to a new €80 million ($92.73 million) green business investment initiative to accelerate the adoption of low energy and low emission equipment and machinery by companies across Ireland.

The new 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 European Investment Bank’s backing for DLL’s business financing initiative was highlighted during a visit to the Dublin headquarters of DLL Ireland by Christian Kettel Thomsen, vice president of the EIB.

“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,” Kettel Thomsen said. “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.”

“DLL believes sustainability is essential to long-term success for our partners, our business and our world,” Fergal O’Mongain, general manager of DLL Ireland, said. “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 new agreement with DLL Ireland is part of a wider pan European green financing program being undertaken by the EIB and DLL. With a total value of €200 million ($231.82 million), this program will include targeted financing for climate action investment by DLL in Belgium, the Netherlands and Luxembourg.

The pioneering scheme will finance business investments focused on sustainable investment with explicit climate action benefits. It will support DLL business financing over the next few years and include leasing financing for agriculture and food businesses and other energy efficient projects.

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