Press release

Climate Week: Energy Efficient Mortgage Initiative stakeholders meet in Venice to discuss the creation of an energy efficient mortgage label

Climate Week: Energy Efficient Mortgage Initiative stakeholders meet in Venice to discuss the creation of an energy efficient mortgage label

Brussels, 26 September 2019 – For immediate release

In this important Climate Week, the European Mortgage Industry is launching the steps necessary to create an Energy Efficient Mortgage Label in the near future. The pilot scheme lending institutions, Advisory Council and supporting organisations of the Energy Efficient Mortgages Initiative (EEMI) are meeting in Venice to further advance efforts to mobilise European and global mortgage markets with a view to channelling private financing to ‘green’ the building stock in the EU and beyond. The EEMI represents an important market response to the recently announced EU Green Deal and will support global implementation.

Bringing together 47 key lending institutions, 17 national, European and International authorities and a multitude of relevant market stakeholders, the EEMI is a robust and concrete, market led initiative which will deliver an integrated ‘ecosystem’ in energy efficient mortgages with significant transformative potential.

Over the next two days in Venice, EEMI stakeholders will focus on: (1) taking forward a data collection, processing and disclosure infrastructure to support lending institutions in integrating energy efficiency into risk management and credit risk processes, (2) harnessing the potential for enhanced private and public sector coordination and (3) developing an energy efficient mortgage label.

In parallel to these events, Ca’ Foscari University, a key long-standing partner of the EEMI, is organising a conference on Assessing & Managing Climate Change Risk, bringing together experts from across the globe to discuss how finance can support the achievement of global climate objectives. Among these eminent experts are Nobel Prize winner Robert Engle and the Governor of the Bank of Italy, Ignazio Visco.

With the commonality of objectives in mind, this high-level event presents a further valuable opportunity to exchange views and best practice and to work towards a climate neutral future together.

Luca Bertalot, Energy Efficient Mortgages Initiative Coordinator, commented:

“The EU mortgage industry is committed to supporting European efforts to achieve a climate neutral continent by 2050 under the EU Green Deal. 47 lending institutions are ready to take the lead through concrete actions intended to develop market synergies and unlock the potential of the EU’s mortgage markets to finance the energy improvement of the EU’s building stock. In this way, the EEMI will help the EU to meet its decarbonisation objectives, modernise the economy, revitalise industry and ensure long-term growth and employment. It will also help to secure healthier homes for EU citizens”.

Monica Billio, Head of Department, Department of Economics, Ca’ Foscari University, said:

“It is a great pleasure to once again host the Energy Efficient Mortgages Initiative in Venice. As a long-standing partner and with its expertise in green finance, econometrics and risk management, Ca’ Foscari University remains committed to providing support and guidance to the EEMI lending institutions in integrating sustainability considerations into their day-to-day business”.

Additional information can be found here.