|Landmark Report Signals Increased Investor Confidence in Energy Efficiency
The Energy Efficiency Financial Institutions Group (EEFIG) today launched its landmark report entitled “Energy Efficiency – The First Fuel for the EU Economy” which is expected to mark the start of a significant increase in the rate and flow of investments into energy efficiency across the EU, especially in buildings.
“The involvement of a large number of financial institutions in the preparation of the EEFIG Report is a clear signal that the confidence of the financial sector in energy efficiency as a high grade investment is increasing” explained Adrian Joyce, Secretary General for EuroACE. “At a time when the European Commission is about to deploy a new Investment Plan for Europe with the Juncker Package, this EEFIG Report is very timely in explaining that market forces and financial institutions are increasingly ready to take the challenge of renovation”.
A key stakeholder in the EEFIG work, EuroACE recognizes the strong added value of this Report in spreading a better understanding of the range of effective financial instruments that already exist, or are in development for the buildings sector, across the EU.
EuroACE believes that the report could be instrumental in boosting the second version of renovation strategies (article 4 EED) awaited for 2017, if its recommendations are properly taken on board by the Member States.
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|Energy Union Framework: Big on Opportunity for Buildings - Small on Actions
The Juncker Commission has prided itself with the slogan that it will be Big on big things and Small on small things. The buildings of the EU make up more than 50% of all fixed assets and consume around 40% of primary energy in the EU. Construction activity accounts for about 9% of EU GDP and about 3 million enterprises are active in the construction sector providing more than 13 million direct jobs. Surely this is a big sector that deserves a robust framework in which ambitious action can be undertaken?
With the release of the Energy Union Package today, the European Commission acknowledged that there is a huge potential for energy efficiency improvements in the buildings sector in the EU, pointing out that 75% of the housing stock in the EU is wasting energy. But the Energy Union Package falls short of setting urgent and ambitious actions to address this wastefulness in our buildings.
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|Council Failure on 2030 Energy Efficiency Target – a cold decision increasing pressure to bring in strong measures for Buildings
The European Council today adopted its Climate and Energy Package for 2030 and has chosen to go for a 27% indicative Energy Efficiency Target. It is a dismal agreement that falls short of the Commission’s unambitious proposal, which was made in July.
“This is not good enough!” said Adrian Joyce, Secretary General of EuroACE “Despite the numerous studies demonstrating the cost-effective potential of a higher energy efficiency target, the 28 Heads of State shied away from setting a strong Energy Efficiency target. A strong target could have unleashed investment in hard-hit sectors like construction and delivered multiple benefits through reduced energy dependence, a boost to public finances and improved health for EU citizens”.
The Council conclusions indicate that the Commission will propose ‘priority sectors in which significant energy efficiency gains can be reaped and ways to address them’. Swallowing a high of 40% of all energy consumed in the EU, buildings should feature as the top priority sector to be addressed in upcoming legislation revision, namely with Energy Efficiency Directive and the Energy Performance of Buildings Directive.
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|EuroACE reminds van Rompuy of last year's video address supporting high ambition in the buildings sector
Ahead of the Council Ministerial on 23rd October, EuroACE reminded President van Rompuy of the encouraging words that he delivered to the Renovate Europe Conference, the Annual event of the EuroACE led campaign, in October 2013 in which he expressed strong support for high ambition in the buildings sector.
Watch see the video address here:
Click here to download the Letter to President van Rompuy