12 February, Luxembourg - The Board of the European Investment Bank (EIB) has announced that it has approved the creation of a new ‘Smart Finance for Smart Buildings’ (SFSB) facility, which will make investments in energy efficiency for residential buildings more attractive for private investors, by using EU grants as guarantees to de-risk investments.
The European Commission hopes that the new facility, alongside other tools of the Clean Energy for All Europeans initiative, will unlock €10 billion in public and private investments for energy efficiency projects by 2020.
This investment, the Commission estimates, could create up to 220,000 jobs and establish a renovation market for small businesses in Europe worth up to €120 billion, whilst taking 3.2 million Europeans out of energy poverty.
The SFSB will also offer assistance with project development, as many households lack the skills and capacity to set up, implement and finance ambitious energy efficiency projects.
For more information, see DG Energy’s page on Financing Energy Efficiency