This year marks Elina Roine’s 20th anniversary at the European Investment Bank (EIB). While the world has changed markedly over that time, the things that excite the deputy director general of operations most remains constant.
She still gets a real kick from seeing the EIB – the lending arm of the European Union – move from funding approval to disbursement, and from watching that capital turn into real‑world impact. Whether it’s a new hospital being built, a wind turbine coming online, or a fleet of electric buses hitting the road.
But there are challenges too. Not least that food insecurity is on the rise, driven by escalating production costs and mounting climate pressures.
But there’s another critical pain point that Roine is acutely aware of – one that rising geopolitical tensions and energy insecurity are exacerbating. Europe’s packaging supply chain is not where it needs to be, she explains. It is strong in some respects, but deeply vulnerable in others.
What is the European Investment Bank?
As the lending arm of the European Union, the member states-owned institution is the world's largest multilateral lender.
The EIB borrows money on capital markets to provide loans on projects that suppot EU objectives, such as green transitions, infrastructure and innovation.
Among the EIB’s most high‑profile financing agreements are its support for the world’s largest particle accelerator (CERN), major London transport projects, and emergency infrastructure repairs in Ukraine in recent years.
An institution like the EIB – with a balance sheet in the hundreds of billions backing infrastructure, innovation and SMEs – is uniquely placed to help move the needle on sustainable packaging operations. Roine feels that responsibility keenly: “I’m a banker with purpose,” she says. And when it comes to a packaging sector under strain, that purpose is clear: building resilience.
Packaging in Europe ‘only partially resilient’
Clear strengths underpin Europe’s packaging supply chain. The EU boasts a strong industrial base, relatively high recycling rates, and good access to recycled feedstock. Recycling rates are on the up, with recent figures suggesting 42% of all plastic packaging waste across the bloc is recycled. “Recycling contributes both to futureproofing the industry and to feedstock security,” explains Roine.
That’s the good news. The less positive is that Europe has a major pain point when it comes to packaging. And that pain point, or vulnerability, is energy.
To put it in simple terms: packaging is energy-intensive, and traditional packaging relies on fossil fuels. “With energy prices in Europe significantly higher and more volatile than in the US or China, the European packaging industry is at a disadvantage.”
The situation is compounded by geopolitical tensions that continue to disrupt energy markets. Uncertainty over potential closures of the Strait of Hormuz is adding further pressure. Roine agrees: “It has once again destabilised energy markets and underlined the urgency for Europe to accelerate the clean energy transition. It also highlights the need for innovation across the entire energy value chain – from grids and storage to batteries and renewable capacity.”
The secret to hardening packaging supply chains? Innovation
Although US and Israel-launched missile attacks in Iran are relatively new, it’s yet another example of ways industry is being forced to change with the times. “The world looks very different today from when I joined the bank in 2006,” explains Finland-born Roine, who after a stint in London, now firmly calls Luxembourg home.
Indeed, when the now deputy director of operations began her career at the EIB, the Global Financial Crisis was still ahead, Brexit was unimaginable, and Russia had yet to invade Ukraine.
As the old adage goes, necessity is the mother of invention. And invention – or, more precisely, innovation – is a critical lever in strengthening Europe’s packaging supply chain, particularly as the EIB champions initiatives such as TechEU and the Innovation Fund.
Since plastics still heavily rely on oil-based feedstocks, more alternatives need to be made available and at accessible price points. “Disruptions in oil supply chain reinforce the urgency to move away from fossil-based materials and invest in alternative feedstocks and materials innovation,” stresses Roine.
The EIB is active in this space. Just last year, the EU lender backed Swedish packaging company PulPac with €20m in its development and commercialisation of a fibre-based technology offering an alternative to single-use plastics. Other innovations to have attracted EIB financing include single-use paper straws and biodegradable lids from Greece and recyclable and compostable food trays from Spain.
Can raw material extraction become more sustainable?
As the world continues to evolve, so do Roine’s roles and responsibilities. Over the years, she’s grown increasingly passionate about leadership and management, and her career trajectory reflects that.
Starting out at the EIB as a senior banker focused on the German market, Roine soon moved into operational roles with a keen focus on climate. A promotion will be heading her way when she moves into the next role: director general of the Portfolio Management Directorate.
But at the same time, some things don’t change. Roine remains as excited and motivated by the bank’s mission as she was on day one. “That purpose of contributing to improving people’s lives, and seeing projects we finance support European companies in their innovation, really motivates me.”
We’re approaching planetary boundaries for plastics
Elina Roine, deputy director general, Operations - Lending & Advisory. European Investment Bank
Likewise, in packaging supply chains, some elements remain constant – sometimes stubbornly so. Industry, for example, is not ready to completely shift to renewable feedstocks. Recycled plastic bottles can only be recycled a handful of times before material degradation means food-grade packaging standards can no longer be met.
Strengthening Europe’s packaging supply chain cannot be about plastic alternatives or recycling infrastructure alone, but also about making fossil-fuel based feedstock extraction more sustainable. “We are approaching planetary boundaries not just for plastics, but for other materials too,” says Roine. That makes resource efficiency and circularity key. “We need to do more with less.”
Whereas paper packaging is well supported by regulation and recycling systems, plastics still have “significant” room for improvement. “Recycling technologies are often not yet cost-competitive with virgin plastics, and upcycling remains underdeveloped.
“We need more investment in circular business models, recycling technologies, and innovation. Energy, resource efficiency, and circularity all come together here.”
Regulatory uncertainty is ‘poison’ for investment
Investment is one thing. Incentivising change is another. Although policies and regulations often serve as a “stick” driving industry change, they often lack that all-important “carrot” – which help to truly move the needle on sustainable practices.
Roine is clear that the EIB is a “policy taker, not a policy maker”. But from an investor’s perspective, she knows only too well that the most important element of regulation is stability. Industries, she stresses, need predictable, long-term regulation to invest in new technologies and business models. “That’s particularly true across the entire packaging value chain,” she adds: “Uncertainty is poison for investment.”
Combine regulatory stability with smart incentivisation and you have a winning formula. And those incentives, Roine argues, can – and should – be embedded directly into policy. “We need regulation that incentivises sustainable choices across both supply and demand,” she says. Building demand, in itself, becomes a powerful carrot. For consumers, choosing sustainable packaging ultimately comes down to availability, affordability and accessibility – and policies that strengthen those levers can genuinely help transform unsustainable practices.
“Most consumers want sustainable packaging, but it must be competitively priced and meet expectations. Supporting innovation on the supply side helps drive costs down and makes sustainable options mainstream.”
Resilience and perseverance in the face of adversity
In times of flux, every sector needs resilience – and a healthy dose of perseverance. The packaging industry is no exception.
These are also qualities Roine consciously prioritises in her personal life. She considers herself a resilient person, describing the trait as one of the key “ingredients” of her success. Whether this is unique to her, or more broadly characteristic of her Finnish roots, is open to debate. In Finland, sisu – a widely referenced cultural concept – describes perseverance and grit in the face of adversity.
I try not to have major change at work and at home at the same time
Elina Roine, deputy director general, Operations - Lending & Advisory. European Investment Bank
For her, family, friends and hobbies provide that balance, particularly during periods when work becomes more intense or demanding. Stability away from the office matters. “Sometimes, in your personal life, you’re looking for calm. I enjoy days and weekends when nothing interesting happens – just normal, quiet time. I try not to have major change at work and at home at the same time.”
When that balance tips, resilience can be harder to sustain – a reality that applies just as much to the packaging sector as it does to individuals navigating constant change. But in both cases, a solution‑oriented mindset is critical. As Roine puts it: “If the door doesn’t open, try the window.”
Want to hear more from the European Investment Bank’s Elina Roine?
The deputy director general of the Operations Directorate will be presenting at Rethinking Materials in London, 29 April at 8:55am, on strengthening Europe’s critical raw material resilience. Not one to miss!
