Further European Energy Efficiency Funding
THE EUROPEAN Commission (EC) and the European Investment Bank (EIB) have pledged to invest around €220 million in a new energy efficiency fund.
The fund is part of the proposed European Union's European Energy Efficiency Facility (EEE-F), which is due to set up by the end of this month.
The Council of Ministers and the EU Parliament agreed in December last year to allocate approximately €146 million from the European Energy Programme for Recovery (EEPR) towards the new EEE-F dedicated to energy efficiency. This EU contribution comes from unallocated funds mobilised for the EEPR in 2009. This funding forms part of the wider EU transition to a more energy efficient and low carbon economy.
The EEE-F is expected to be launched in the second quarter of 2011 and take the form of an investment fund, complemented by technical assistance and awareness raising.
The initial fund is likely to be in the region of €220 million. It is envisaged that the EC will contribute around €146 million to the facility and €75 million is expected to be invested by the EIB, with the possibility that the fund could be higher if other investors join.
It is understood that the EEE-F will invest in energy saving, energy efficiency and clean energy projects, particularly in urban areas.
Qualifying energy investments would include energy saving measures in public and private buildings.
Picture of the EIB by Zinneke
Thursday 24th March 2011