Page 28 - European Energy Innovation - winter 2017 publication
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28 Winter 2017 European Energy Innovation
COMMUNICATION
Investor Confidence Project
Breaking down the barriers to energy efficiency investment in Europe
The European Commission chartered Energy Efficiency Shortly after, ICP launched its Investor Ready Energy
Financial Institutions Group (EEFIG) stated in its April 2015 Efficiency™ (IREE™) Certification for the European market
report that energy efficiency investments have the clear to build investors’ and owners trust in retrofits and savings.
potential to become a key driver of EU competitiveness, This announcement introduced the process of how to
economic value, innovation and employment1. It achieve IREE™ Certification: a project can be certified
emphasized that energy efficiency is of increasing strategic if it has been developed following the ICP Protocols
importance for Europe due to the need to increase energy by a credentialed Project Developer and verified by a
security, offset rising energy prices, and the need to increase credentialed Quality Assurance Provider. The first IREETM
efforts to meet the EU’s 2020 climate change commitments. project, a £13m hospital retrofit in the UK, was certified in
However, this report also warned that if the investment into the same month, and thirty projects and programmes have
energy efficiency is not significantly increased, EU Member been certified or started using ICP in several countries in
States are at risk of missing their 2020 and long-term Europe since then.
efficiency and climate targets.
ICP has been recognized as a best practice throughout
The importance of increasing investor confidence in Europe, notably in the European Commission’s “Winter
energy efficiency and standardisation of the development Package,” a major energy policy update, where it cites ICP
process was stressed in the EEFIG report and the Investor Europe as “best practice” to maximize investor interest
Confidence Project, which was only operating in the United in buildings requiring energy efficiency upgrades. Paul
States at that time, was highlighted as “a relevant model Hodson, Head of the European Commission’s energy
initiative” and “an EU Investor Confidence Project” (ICP) efficiency unit, said: “The potential of the Investor
was recommended. Dr. Steven Fawkes of EnergyPro Ltd Confidence Project to de-risk energy efficiency investments
formed a consortium, bringing together a range of expertise has been recognised by the Commission. The ICP approach
across five countries, and the team was awarded a €1.9 addresses the needs of investors looking for standardised
million grant from the European Commission’s Horizon 2020 projects that reduce the time, risk, and costs involved in
programme in 2015 to develop and roll-out ICP in Europe. funding energy efficiency building retrofits.”
The consortium has since achieved results far beyond those
targeted in the grant agreement. In 2017, ICP became part of Green Business Certification
Inc. (GBCI), as one of their portfolio of green certifications
With the active involvement of many energy efficiency which includes LEED and GRESB. This partnership will
and finance experts, the ICP Europe team developed build upon the successes of its start-up phase, supported
and published six Protocols, the basis of the ICP system, by Horizon 2020, and enable ICP to develop into a self-
which set out best practice in project development and sustaining certification system. It will also open new
documentation; these were translated into Portuguese, geographical markets for ICP, streamline its Training and
Bulgarian and German. Credentials programme, and increase the number of
ICP Project Developers and Quality Assurance providers
In April 2016, ICP launched its Investor Network, which now working to deliver IREETM projects across markets.
boasts 19 major financial institutions – such as Royal Bank of
Scotland, Joule Assets, Amber Infrastructure, SUMA Capital, In early 2017 the European Commission further recognised
SUSI Partners or Macquarie - with over €1 billion available the importance of ICP by awarding a new grant to extend
for energy efficiency retrofit projects. Investors join the ICP into industrial, street lighting and district energy projects. ●
Network in order to find high-quality project pipelines and
developers to work with, and because they recognize the Contact details:
value of standardised, investor-ready projects to increase
deal flow and drive demand in the marketplace. Dr. Steven Fawkes, ICP Senior Advisor
steven.fawkes@eeperformance.org
1 Energy Efficiency - the first fuel for the EU Economy - How to drive new
finance for energy efficiency investments – Energy Efficiency Financial Quitterie de Rivoyre, ICP Project Manager
Institutions Group – commissioned by EC & UNEP quitterie.derivoyre@eeperformance.org
www.europeanenergyinnovation.eu
