A Joint Declaration on energy efficiency financing and the European Energy Efficiency Financing Coalition (Coalition) has been signed by the Commissioner for Energy Kadri Simson and the Energy Ministers of all 27 EU Member States in the margins of the TTE Council.
The Joint Declaration underlines the importance of mobilising private investment for energy efficiency and of creating a long-term, viable funding framework for energy efficiency investments. It marks the first step towards setting up the coalition, which establishes a form of trilateral cooperation between the Commission, Member States and Financial Institutions. The objective of the coalition is to create a favourable market environment for energy efficiency investments and to scale up the private funding needed to contribute to the achievement of the European Union’s energy and climate targets for 2030 and 2050.
Building on the successful findings and legacy of the Energy Efficiency Financial Institutions Group (EEFIG), the Coalition will be organised in three different workstreams: a political level, an expert group and national hubs, namely specific working groups to be developed at the national level to identify energy efficiency financing solutions for each market.
“By signing the Joint Declaration today, we underline the fundamental role of energy efficiency in our efforts to accomplish our energy transition and decarbonise our economy,” said Commissioner for Energy, Kadri Simson. “Scaling up private investments for energy efficiency is of utmost importance and the European Energy Efficiency Financing Coalition will play a pivotal role in this regard. Therefore, I am very pleased that today we give the Coalition the strong political endorsement that it needs to be successful.”
A formal official launch event of the European Energy Efficiency Financing Coalition will be held at the beginning of 2024. In the meantime, the Commission will launch a call for participation for financial institutions and other relevant stakeholders in the field of energy efficiency financing.