Volkswagen AG donates €10 million for European environmental projects: Eastend Coachworks Dumbarton

Volkswagen AG donates €10 million for European environmental projects under agreement with European Investment Bank

Published Date: 08-01-21

The Group is supporting an additional twelve European sustainability projects as part of its commitment to protecting the environment and the climate
The projects cover a broad spectrum ranging from nature conservation to research into battery recycling and startup incubators
The donations are being made under an agreement with the European Investment Bank (EIB) as part of commitments made in connection with the diesel crisis
Ralf Pfitzner, Head of Sustainability at Volkswagen AG: “We are specifically focusing on projects that foster environmental stewardship and mobilize a spirit of research and entrepreneurship for climate protection.”

Volkswagen AG is donating €10 million for European sustainability projects under an agreement entered into with the European Investment Bank (EIB). A decisive criterion in the selection of the projects was their proven experience in major environmental protection measures. The future of sustainable mobility was a further key factor.

The donations are being made under an agreement between the EIB and Volkswagen AG as part of commitments made in connection with the diesel crisis. In 2009, the EIB granted the Volkswagen Group a loan that was repaid in full in February 2014. Among other things, the loan concerned funds for the development of diesel engines. In the agreement with the EIB made in December 2018, Volkswagen AG voluntarily undertook to spend a total of €10 million on environmental and sustainability projects as part of its commitment to sustainability. The projects were selected in consultation with the EIB.

Ralf Pfitzner, Head of Sustainability at Volkswagen AG, commented: “We are specifically focusing on projects that foster environmental stewardship and mobilize a spirit of research and entrepreneurship for climate protection. We are aiming for practical results and want to promote biodiversity as well as carbon sinks to protect our natural resources. Furthermore, we wish to create space for ideas that have great potential for taking industry forward towards a carbon-free economy.”

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