Page 51 - European Energy Innovation magazine - autumn 2022 edition

Autumn 2022 European Energy Innovation
SOLAR EPBD 51

around 46% of the EU’s GDP. Facilitating estate industries but to the entire institutions, investors and SMEs
the transition to green mortgages is economy. on building energy performance
crucial to achieving a climate neutral (improved EPCs, primary
economy, there is therefore a need The positive repercussions would be energy demand), EU Taxonomy
for in-depth energy upgrading. felt not only from an environmental alignment and ESG counterparty
point of view, but also in terms assessment and ratings.
In this respect, it is important to of employment, research and
ask how much it costs each owner, development, certification, and the • Favour the implementation of
individual or family, to make the professional skills involved in this work. market best practices to secure
necessary jump in energy class: the gradual but continuous market
answer is at least 25-30 thousand This is precisely the role of the transition and alignment with EU
euros of investment. Energy Efficient Mortgages Initiative legislative requirements.
(EEMI). EEMI aims to boost consumer
There are not many who can afford demand for building energy The EEMI will build a constellation of
these sums without systemic help/ renovation. Bringing together a wide national platforms focussed on local
stimulus. range of relevant market players, characteristics and implementation
including lenders, investors, SMEs needs but with a European footprint,
The problem is that if the necessary and utilities, the EEMI is aligning combining efforts of the public and
“green” improvements are not made, strategies and actions through a private market sectors.
there will inevitably be a net and new, innovative market mechanism
tangible loss in energy consumption. focussed on a green ‘fulcrum’ of There is also another very important
products, services and data, delivered aspect to this new green ecosystem
A family can save up to 70% on its by way of a ‘one stop shop’. narrative.
energy bills with an investment that
achieves two jumps in energy class, The Initiative also proposes As pointed out earlier, the home is
which today translates concretely macroprudential measures to a very special place where people
into defending the purchasing power support, through legislation, spend at least one third to more
of families by mitigating the effect of consumer demand, lending than half of their lives. This makes
inflation on disposable income. institutions’ ESG financing capabilities it an ideal focal point for financial
and investor ESG due diligence, education for citizens as consumers
So where can these amounts come as private capital cornerstones of by embedding a new culture with
from? the Renovation Wave Strategy and greener microeconomic decisions in
From public subsidies, at local, NextGenerationEU. support of a transition economy.
regional or state level or from private
finance markets, based on a wide With the overall objectives of Such an exercise should not be seen
range of product offerings which optimising the end-to-end customer as ‘just’ a philanthropic decision taken
meet consumer needs and support journey and experience, deploying by already environmentally conscious
the climate transition in the process? market interventions and partnerships people who also tend to be more
that support delivery and therefore affluent. It will be a win-win solution
Member States cannot fully assume maximising benefits for consumers, especially for those families for whom
this huge burden on public debt, the EEMI is concretely building an it is more difficult to make ends meet
which would mean shifting the open source platform at the centre of and who are more likely to live in less
cost to future generations, so we the ‘ecosystem’, which will: energy-efficient homes and for whom
have to build a mechanism which running and living costs represent a
brings together public and private • Provide access to and guide larger share of their budget.
stakeholders, working in coordination consumers towards the most
and leveraging each other’s efficient and cost effective, Over the past years, we have realised
contributions and actions. integrated technical and financial more than ever that sustainability is
products, services and advice, whilst the new reality.
The contribution of financial markets, ensuring commercial neutrality and
if combined with public intervention offering a European approach to We are stronger when acting
and structured in the right way, can delivering market-specific actions. collectively, and cooperation at global
give life and impetus to a genuine level will help us move towards more
green renaissance, capable of giving • Deliver a continuous flow sustainable houses, bringing the hope
an economic boost not only to the of material data for lending to all generations for a greener future. l
mortgage, construction, and real
Luca Bertalot is a digital ambassador of the European Sustainable Energy
Week (EUSEW) of which European Energy Innovation is a media partner.
www.europeanenergyinnovation.eu Registrations for this hybrid event are now open – on-site spots are limited.