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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Volkswagen AG published this content on 08 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 January 2021 11:13:06 UTC