Move to Accelerate Energy Efficiency Gains Momentum in Europe

(BRUSSELS – March 5, 2015) A move to accelerate energy efficiency and cut carbon emissions from commercial buildings is gaining momentum in Europe, with the European Commission granting €1.9 million to fund an initiative aimed at mobilizing private capital for energy efficiency practices across Europe.

At the same time, a group of energy efficiency industry stakeholders convened by the European Commission and United Nations Environment Programme Finance Initiative called for Europe to embrace the tools and resources included in the initiative as “best practices.”

The Investor Confidence Project Europe (ICP Europe), created by the Environmental Defense Fund, works with the financial and efficiency sectors to remove barriers to investment in energy efficiency by providing tools and guidance that standardise the process of renovating a building. The European Commission is providing the grant to ICP Europe through its landmark research and innovation programme, Horizon 2020.
 
“The European Commission has made clear it sees the lack of standardisation in energy renovation projects as a hindrance to scaling investment in energy efficiency,” said Panama Bartholomy, Director, Investor Confidence Project Europe. “Thanks to this generous grant, ICP Europe can help to significantly increase investment in European energy efficiency.”

Convened by the European Commission and United Nations Environment Programme Finance Initiative to study barriers to energy efficiency finance, Energy Efficiency Financial Institutions Group (EEFIG) last week released its Energy Efficiency – the first fuel for the EU economy report, referring to ICP Europe as a best practice and needed solution. The ICP Europe team will be working with financial institutions, asset management firms, engineers, and government officials from EEFIG to implement the report’s recommendations, both Europe-wide and at the member state level.

Announced in November 2014, ICP Europe aims to boost private capital investment in European energy efficiency renovation projects to help Europe meet its goal of reducing carbon emissions from buildings by 90% by 2050. Estimates project that large-scale European energy efficiency efforts could reduce carbon emissions by 932 million metric tons, equivalent to taking nearly 200 million cars off the road, and creating more than two million jobs in the building industry by 2020.

For more information on the Investor Confidence Project Europe and to participate in this initiative, visit www.EEperformance.org/europe.