The European Investment Bank (EIB) has provided a substantial €430 million loan to back the development of two crucial projects at the Sines refinery in Portugal, led by Galp. These initiatives focus on converting the current infrastructure into facilities for renewable hydrogen and biofuel production, aiming to contribute to the decarbonization of heavy transport and aviation sectors. The projects, with a total investment of €650 million, are in line with European climate targets such as the European Green Deal and the REPowerEU plan. The biofuels unit, supported with €250 million, will generate sustainable low-carbon fuels essential for decarbonizing transportation, including sustainable aviation fuel and renewable bio-based diesel. Simultaneously, a 100 MW electrolyser project, financed with €180 million, will produce renewable hydrogen, making it one of the largest units in Europe, emphasizing energy innovation. The partnership with Mitsui, involving a total investment of €400 million, further enhances the biofuels unit's development. These advancements highlight the synergy between financing, innovation, and environmental commitment in driving a fair and sustainable energy transition. Galp's projects play a crucial role in Portugal's competitiveness in the global energy landscape, calling for increased backing from energy firms, public financing, and government commitment to ensure the country's energy initiatives' sustainability. These projects not only align with the aim of achieving climate neutrality by 2050 but also serve as a strategic tool in bolstering the EU's energy independence.