The EU Member States agreed in December 2018 to reduce energy consumption by 32.5 % by 2030 as compared to business as usual projections. This target, a central provision of the clean energy package, implies huge investments, especially in residential buildings, which account for around 40% of the EU’s total final energy demand. Accelerating energy-efficiency refurbishment of housing is therefore a key European priority and the main focus of the ELENA facility. The new funds dedicated to the ELENA residential envelope are fully in line with the targets of the Smart Finance for Smart Buildings (SFSB) initiative to make investments in energy-efficiency projects in residential buildings more attractive to private investors.
Project development services will mainly be directed towards households and homeowner associations with a view to increasing comfort and reducing energy bills. In addition, assistance may be made available to other organisations – e.g. financial institutions including commercial banks – to help them set up and deploy financial instruments and loan products for energy-efficiency improvements in the residential sector. Public entities may also be supported with the implementation of large-scale energy rehabilitation programmes in this sector.
European Commissioner for Climate Action and Energy Miguel Arias Cañete said: “ELENA is a great example of the effective use of public money. Every euro we have spent over the past years has attracted an additional EUR 40 in investments – for lower energy bills, greater comfort and lower GHG emissions. Consequently, we decided to fund up to 90% of the energy-related project development costs of the investments with ELENA. I want to encourage potential beneficiaries especially from central, eastern and south-eastern Europe to apply for the funds.”
Ahead of the Covenant of Mayors Investment Forum, EIB Vice-President in charge of energy Andrew McDowell added: “Accelerating energy efficiency investments in residential buildings to reduce carbon emissions and better cope with a changing climate is crucial. Schemes around the world already show how technical preparation and financing can make a huge difference in attracting investment into building renovation. I warmly welcome the new support given by the European Commission. With the assistance of the EIB, this new envelope will significantly boost energy efficiency in buildings and thus improve the life of many European citizens.”
Read more on European Commission website.