Joint Letter: EIB Draft Energy Lending Policy

Together with EURIMA and PU Europe, EuroACE wrote to EIB President Werner Hoyer and the EIB Board ahead of their discussions on the Bank’s Draft Energy Lending Policy.

We welcomed the Bank’s take-up of the Energy Efficiency First principle and its strong emphasis on building renovation, where the highest additional investment needs are, but also the biggest potential in terms of energy savings, GHG emissions reduction and opportunities to improve people’s daily lives. We especially welcomed the European Initiative for Building Renovation (EIB-R) and the continuation of the ELENA facility.

To make the EIB-R operational and transformative, we called on the EIB to:

• Clarify its eligibility rules, supporting only projects that significantly contribute to “a highly energy efficient and decarbonised building stock by 2050”, with a minimum threshold of energy performance improvement and a ratchet clause to follow market improvements
• Link financial support to the level of energy savings achieved, possibly using Building Renovation Passports
• Restrict the exemption allowing the financing of “efficient gas boilers” in building renovation programmes, in line with its decision to stop lending to fossil fuel energy projects