20 September 2018
Brussels, 20 September 2018 – For immediate release
The EEM Initiative is aimed at delivering a mortgage financing mechanism, according to which borrowers are incentivised to improve the energy efficiency of their properties or acquire highly energy efficient properties, by way of favourable financial conditions linked to the mortgage. The Initiative will furthermore develop a data collection infrastructure for energy efficient mortgages.
Currently, 39 European banks are taking part in the Pilot Scheme, launched last June, and have committed to test the implementation of the final energy efficient mortgages framework into their existing product lines and processes. These banks are joined in the Pilot Scheme by 23 other supporting organisations throughout the EU.
The Pilot Scheme is composed of 7 subgroups combining market and institutional expertise to help refine the framework. The initial results of the analysis conducted since the launch of the Pilot in June will be presented during the forthcoming Pilot Scheme Meeting taking place in Venice on 27 September 2018 in the presence of members of the Advisory Council.
Luca Bertalot, Energy Efficient Mortgages Initiative Coordinator, commented:
“We are delighted that Ecology Building Society has decided to join the Pilot Scheme and has embraced this Initiative just ahead of the Pilot Scheme meeting in Venice. Having Ecology on board is a valuable addition as it brings their extensive experience of supporting sustainable development to the table. The increasing number of organisations participating in the pilot scheme underlines the willingness of the market to take action and to play a pivotal role, in supporting the European Commission in achieving its ambitious energy savings targets, building a greener society and a more sustainable future.”
Paul Ellis, Chief Executive of Ecology Building Society, stated:
“If we are to meet our Paris climate agreement commitments, the finance sector needs to support the transition to a low-carbon economy.”
“Ecology has pioneered green mortgages for over 30 years. Over that time we’ve proved that incentivising energy efficiency through mortgage pricing works by basing our mortgage rates on a property’s climate impact.”
“By participating in the Pilot scheme we are able to share our experience of using the pricing mechanism to reward best practice and innovation in low-carbon building and contribute to the development of industry-wide criteria for green mortgages.”
“We hope that this results in a permanent and committed journey for those lenders who are taking part.”
Luca Bertalot, Energy Efficient Mortgages Initiative Coordinator
Tel: +32 2 285 40 35
Ian Rigarlsford, External Affairs Manager
Tel: +44 (0) 1535 650770
Mob: +44 (0)7421 745411
Additional information can be found here.