Press release

The Ministry of Finance of the Republic of Lithuania joins the Advisory Council of the Energy Efficient Mortgages Pilot Scheme

The Ministry of Finance of the Republic of Lithuania joins the Advisory Council of the Energy Efficient Mortgages Pilot Scheme

Brussels, 3 April 2019 For immediate release 

The Energy Efficient Mortgages (EEM) Initiative is pleased to announce that the Ministry of Finance of the Republic of Lithuania has joined the Advisory Council of the Energy Efficient Mortgages Pilot Scheme.

The Advisory Council, currently composed of eleven national, European and International institutions, plays a key role in promoting and facilitating dialogue between policymakers and stakeholders from the banking, property and energy sectors, with the ultimate goal of supporting market development in relation to energy efficient mortgages.

As of today, 42 European lending institutions, joined by 32 supporting organisations throughout the EU, are taking part in the Pilot Scheme and have committed to test the implementation of the final energy efficient mortgages framework into their existing product lines and processes.

The EEM Initiative aims at delivering a mortgage financing mechanism, according to which borrowers are incentivised to improve the energy efficiency of their properties or to 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.

Remarkable achievements have been accomplished by the Energy Efficient Mortgages Initiative since the launch of the Pilot Scheme, including the publication of a high-level, principle-based definition of an Energy Efficiency Mortgage (EEM) and the establishment of National Market Hubs across Europe.

In this context, important next steps will be taken in Riga on the occasion of a series of Energy Efficient Mortgages Initiative (EEMI) events which are being organised back to back with the 29th ECBC Plenary Meeting on 24 April 2019.

The events feature expert keynote speakers such as Vilius Šapoka, Minister of Finance of the Republic of Lithuania, Jānis Reirs, Minister of Finance of the Republic of Latvia, Märten Ross, Deputy Secretary-General for Financial Policy, Ministry of Finance of the Republic of Estonia and Mario Nava, Director for Horizontal Policies, DG FISMA, European Commission.

Luca Bertalot, Energy Efficient Mortgages Initiative Coordinator, commented:

It is with a great pleasure that we welcome the Ministry of Finance of the Republic of Lithuania as a new member of the Advisory Council of the Energy Efficient Mortgages Initiative. Today’s announcement, coming just a few weeks ahead of the Plenary Meeting in Riga, marks an important milestone for the Initiative in moving into the Baltic region and underlines, once again, the willingness of the market to work together in order to develop a European energy efficient mortgages framework, achieve more sustainable growth, all within the context of efforts to build the Capital Markets Union.”

Vilius Šapoka, Minister of Finance of the Republic of Lithuania, stated:

“Taking part in the Energy Efficiency Mortgages Initiative is a natural way forward developing sustainable/green finance in Lithuania. This is the area where Lithuania is undertaking a number of steps both in policy shaping and in introducing new financial instruments. At the moment we are developing the Country’s Action Plan on Sustainable finance. Moreover, we are among the leading countries that have issued public green bonds – the third country in Europe and the seventh country in the world. It was the first issue of government bonds in the Baltic States, the funds derived from which are being used to implement green projects, i. e. to modernise multi-apartment buildings and increase their energy efficiency”.  

Additional information can be found here.