Bank says “no shortage of funds for energy renovation”, but EPBD must address latent demand
In a debate hosted by EPBD Rapporteur Bendt Bendtsen on 10 May in the European Parliament by eceee and Renovate Europe, MEPs, Commission officials and stakeholders joined the banking sector to discuss the economic case for building renovation and identified a lack of demand in the market that needs to be addressed.
See full press release and background material here
“Banks are ready, willing and capable to meet the demand for energy renovation when it materializes. There is no shortage of funds – we have all the tools ready to be deployed! But confidence must be boosted in the market” explained Stephen Hibbert from ING bank speaking at the event. “Increased awareness and a stronger legislative and policy framework, with ambitious, bold and binding measures, can act as important triggers to stimulate consumer demand for energy renovation”, said Mr Hibbert.
MEP Bendt Bendtsen, Rapporteur on the EPBD, confirmed “Private investment is ready – be it the commercial banks like ING taking up the upfront investment, or be it institutional banking like pension funds securing the long-term income stream – both want to invest in energy renovation. A strong EPBD must support this private investment”.
The current revision of the Energy Performance of Buildings Directive (EPBD) offers a window of opportunity to address the demand for building renovation by boosting confidence and providing the regulatory certainty both for investors and for consumers.
Fiona Hall from eceee supported MEP Bendtsen’s call for a strong legislation that will help consumers satisfy their desire for a healthier, more comfortable home with lower energy bills. “Setting out a clear long-term vision for the building stock in the EPBD will boost consumer confidence and demand in a market eagerly waiting to lend a helping hand”.
MEP Miapetra Kumpula-Natri, S&D Shadow Rapporteur on the EPBD, reminded participants at the event about the importance for governments to also support financing initiatives targeted at helping the energy poor. “We must strive for a coherent package of legislation on energy renovation which will benefit all in society”.
The multiple benefits of energy renovation, for consumers, business and society at large, are widely accepted, but it is often wrongly assumed that there is no money available to fund building renovation. “Contrary to popular belief, money is actually not the issue here”, explained Adrian Joyce from Renovate Europe. “As you heard, the banks are keen to invest, but they cannot address the latent demand. They need governments to support a stronger legislation which lays out a long-term NZEB vision for the building stock to 2050 in order to stimulate consumer awareness and demand in the market”.
More information about the event ‘Home Sweet Home’ in eceee*s and Renovate Europe’s joint press release – See full press release and background material here.