(BRUSSELS – November 5, 2014) Environmental Defence Fund Europe/UK today introduced the Investor Confidence Project Europe to boost private capital investment in European energy efficiency renovation projects, a move that could help Europe meet its goal of reducing carbon emissions by 90% from buildings by 2050.
“The potential for renovating buildings in Europe to save money, reduce carbon emissions, and create jobs is huge and largely untapped,” said Panama Bartholomy, Director, Investor Confidence Project Europe. “We are working with European industry leaders to help fuel the growth of the energy efficiency market by removing barriers to investment so that Europe can achieve its carbon targets quickly and affordably.”
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 a million jobs in the building industry by 2050.
The Investor Confidence Project Europe is designed to establish standard protocols for developing and measuring energy efficiency projects in Europe. Standardisation will streamline energy renovation transactions and increase the reliability of projected energy savings, resulting in lower operating costs, higher market value, and a significantly lower carbon footprint. Over the long-term, the initiative aims to create a unique asset class that will enable capital markets to invest in energy efficiency projects.
“The Investor Confidence Project Europe will address some of the larger barriers that have prevented projects from reaching their investment potential by providing key decision makers in business and finance with clear business cases and confidence in performance measurement and risk management,” said Stephen Hibbert, Global Head of Energy and Carbon Efficiency, ING Commercial Banking. “We are enthused to be a member of the steering group and look forward to sharing our experience and playing our part in building an effective market for energy efficiency finance.”
Other steering group advisors include: Green Investment Bank, Plus Ultra Asset Management, eu.ESCO, Climate Strategy, Siemens, ARUP, European Association of Companies for Energy Efficiency in Buildings, RdA Climate Solutions, E.ON, Building Performance Institute of Europe, and United Kingdom Department of Energy and Climate Change.
The Investor Confidence Project Europe grew out of demand from the European investment and energy efficiency communities and is modeled after a similar Environmental Defense Fund programme in the United States. The Energy Efficiency Financial Institutions Group – convened by the European Commission and United Nations Environment Programme Finance Initiative – identified the U.S. program in its report, Energy Efficiency - the first fuel for the EU economy, as a model industry best practice and called for a similar initiative across Europe.
The U.S.-based program currently partners with hundreds of private sector allies, including energy service providers, building owners, and finance companies. Building on the success of this approach in the United States, the Investor Confidence Project Europe will help scale this initiative globally by bringing together key stakeholders in the energy efficiency industry to establish standard protocols for developing energy efficiency projects in Europe. For more information on the Investor Confidence Project Europe, visit www.EEperformance.org/europe.
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