Brussels, 3 June 2019 – For immediate release
As an important part of their ambitious Energy Efficient Scotland Programme, The Scottish Government joined the Advisory Council of the Energy Efficient Mortgages Pilot Scheme in September 2018 and has been supporting the Energy Efficient Mortgages Initiative ever since as a concrete way to achieve the common goal of a more energy efficient future for all.
The Advisory Council plays a key role in providing institutional support to the EEM Initiative, as a platform for the exchange of best practices and dialogue between policymakers and stakeholders from the financing and banking communities, property and construction sectors at local, European and global levels, with the ultimate goal of achieving market development in relation to energy efficient mortgages.
As of today, 45 European lending institutions, joined by 32 supporting organisations throughout the EU, have signed up to the Pilot Scheme and have committed to testing 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, for example. The Initiative will furthermore design a data collection infrastructure for energy efficient mortgages.
In this context, two important workshops have been planned on 27 May 2019 in Bologna, Italy and on 26-27 September 2019 in Venice, Italy, focusing on a common data transparency template and practical implementation at a national level, with the support of local, European and international authorities. These workshops follow a series of EEM Initiative events in Riga, organised back to back with the 29th ECBC Plenary Meeting on 24 April 2019.
Luca Bertalot, Energy Efficient Mortgages Initiative Coordinator, commented:
“We consider the contribution of the Scottish Government to the EEMI Advisory Council to be of paramount importance for our Initiative, in particular at this stage of the pilot phase where we need concrete policy actions and pilots to support stakeholders in removing practical, technical and institutional barriers, coordinating potential fiscal incentives and building a strong business case for consumers and lenders. Against this background local/regional authorities play a pivotal role in paving the way for market action at local and European levels”.
Kevin Stewart, Housing Minister for Scottish Government, said;
“We are delighted we have been invited to be a member of the Advisory Council. The Scottish Government is considered a leader in the development of energy efficiency policy and we recognise that the banking industry has a significant role across the EU in helping to meet energy savings targets and climate change commitments. I am certain that our participation in the Council will be mutually beneficial. We can provide support to the development and acceleration of Energy Efficient Mortgage pilot initiatives and in turn, gain valuable insights to support our own ambitions to make Scotland’s buildings warmer, greener and more efficient through the Energy Efficient Scotland Programme”.
Additional information can be found here.
The European Covered Bond Council (ECBC) is the platform that brings together covered bond market participants including covered bond issuers, analysts, investment bankers, rating agencies and a wide range of interested stakeholders.
