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Financing Energy Efficiency

Financing Energy Efficiency. Roman Doubrava Directorate-General for Energy C3 Energy Efficiency SFEI Event, 4.12.12. Finance: A particular momentum. New Multiannual F inancial F ramework (2014-2020)

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Financing Energy Efficiency

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  1. Financing Energy Efficiency Roman Doubrava Directorate-General for Energy C3 Energy Efficiency SFEI Event, 4.12.12

  2. Finance: A particular momentum New Multiannual Financial Framework (2014-2020) • Cohesion funding to allocate some € 17 billion to energy efficiency and renewable energy (doubling current allocations) • Horizon 2020: € 6.5 billion is to be allocated to research and innovation in "Secure, clean and efficient energy"Likely to include an IEE-type follow-up programme

  3. Finance: A particularmomentum • Energy Efficiency Directive (2012/27/EU) • New Regulatory Frameworks provide an opportunity to develop the EPC market • Article 3 – required renovation of 3% of central government buildings • Article 7 – energy efficiency obligations 1.5% target to be met • Article 8 - obliges large companies to carry out mandatory energy audits • Article 19 – removal of barrier to energy efficiency in accounting rules • Article 20 – Maximising the benefits of multiple financing schemes • More Stable legislativeframework: renewed efforts from MS & investmentpredictability for investors

  4. Finance: A particular momentum • EU funding should provide opportunity to attract & leverage fundsfromprivateinvestors • However, the bigbulk of EE/RES investmentsshould come fromprivatesector, with EU and national funding to complement; • Usingmarketmechanismsto avoidcrowding out investors and increaseleverage; • Grant to addressprimarillymarketfailures, innovative technologies and beyondcost-effective EE projects (deeprenovation)

  5. Cohesion Policy Package Negotiations • EU General Regulation, ERDF, CF, ESF regulationsunder discussions between EP-council • In parallel, EC to startbilateral discussions on country partnershipcontractto defineeachMS'spriorities (furtherimplementedthroughOPs)  DG ENER providing input on country statusregarding EE/RES investments, implementation of EU legislation, financingschemes… & providerecommendations • Country position paperswillbe sent to MS

  6. What are the barriersto investment? Regulatoryframework & marketbarriers: • Procurementrules, public deficitaccounting • Split incentives • Lowlevel of awareness & capacity Access to Financing • High perceivedrisk -unclearmarketvaluation • Unadaptedfinancingproducts • High upfrontfinancing • High transaction costs • Grant dependency

  7. FINANCIAL INSTRUMENTS for ENErgyEfficiency • Cohesion policy funds (2007-2013): • 5,1 billion € for energy efficiency • Intelligent Energy Europe Programme – IEE II (2007-2013): • 735 million € for ‘soft’ energy efficiency/ renewables projects • ELENA Facility and MLEI under the IEE II: • 97 million € for technical assistance to mobilise investments • European Energy Efficiency Fund (EEE-F): • 265 million € for investments into mature, bankable efficiency/renewables projects

  8. What is the ‘investment’ need? • Energy savings potential across sectors requires investment of around 850 billion € (2011-2020) • Around 85 billion € per year • Buildings take the lion’s share of around 60 billion € per year

  9. Best Practices examplesRefurbishment of social housing (FR) • Investments of € 320 M of ERDF in whole country • Average support by ERDF = € 2,886 per dwelling (14% of total needs) • Impacts: • generated over € 1 billion in investment in energy performance in social housing in FR • helped to create and maintain 15,000 local jobs & potentially 31,000 with measures in the pipeline • 50,000 households with modest incomes supported to fight energy poverty (heating costs reduced on average by 40%)

  10. KredexRevolving Fund in Estonia • Switch from grants to a revolving fund • KredEx (Credit and Export Guarantee Fund of the State) supports this • Why revolving fund? • Opportunity for re-usage of the funds • Funds stay in state • Loan is needed for reconstruction anyway • Easier to administer, lower administrative costs • End-beneficiary is used to take loan • Innovative scheme, help from kfW • Started 06/2009 • March 2010: 70 contracts with multi-apartment buildings, total 5,1 mn € (average 74 400 €, 2035 apartments, saving 33%)

  11. The EPC Opportunity Source: International performance, measurement and verification protocol, EVO, 2010

  12. The EPC Opportunity Customer Provision of loan Investor (Bank) Repayment of loan Financing by Bank Guarantee for savings Payments for services Guarantee for payments ESCO Source: European Energy Service Initiative

  13. DG ENER Energy Performance Contracting (EPC) Campaign • To highlight awareness of EPC at national, regional and local levels • To hold a series of practical workshops to, increase knowledge, build confidence and share experience • Three pillars working to complement each other: EPEC, ManagEnergy and Covenant of Mayors

  14. EPC Campaign Structure

  15. What can you do? You can assist in facilitating the development of the energy services market, by understanding the financial and regulatory frameworks necessary to overcome barriers to EPC • Identify stakeholders in your MS, including possible speakers • Highlight best practice examples for dissemination • Facilitate and present at workshops

  16. Thank you very much! For further information on the EPC Campaign please consult our website: http://ec.europa.eu/energy/efficiency/financing/campaign_en.htm

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