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HomeLaunch and facilitate the implementation of new EEFIG Working Group “Applying the Energy Efficiency First principle in sustainable finance”
Final report
Launch and facilitate the implementation of new EEFIG Working Group “Applying the Energy Efficiency First principle in sustainable finance”
Final report
Publication metadata
The energy efficiency first principle is one of the five pillars of the European Union energy strategy, and appears in several key pieces of legislation, however its understanding and application in the economy, and in particular within the financial sector, is limited. This means that energy efficiency remains invisible and neglected in too many decisions, and many projects and assets are financed without considering the full potential range of cost-effective energy efficiency measures, thus locking in excessive levels of energy demand for years and even decades to come. This situation can be improved if more financial institutions implement the energy efficiency principle. There is often a positive business case and market opportunity for energy savings which also provides climate transition risk reduction, but identifying and evaluating this case requires changes to policies and processes, as well as the use of specialised tools. Implementing the energy efficiency first principle would make consideration of energy efficiency more explicit in both investment and lending processes. This EEFIG working group (“WG”) was established to observe and analyse current practices within the financial sector to put energy efficiency first, in the context of the growth of sustainable finance; consider and identify the types and designs of tools that may be used by financial institutions to implement an energy efficiency first principle; and formulate recommendations to promote the use of the principle within the finance sector. The WG also reviewed and provided feedback from a financial institution’s perspective on the EC’s energy efficiency first guidelines published in September 2021. This work is the result of a combination of WG meetings, sub-groups, desk research, case studies, interviews and a survey. The WG comprised forty active members, the majority of which were from the financial sector and representing a range of types of financial institution.
- Published:
- Corporate author(s): Climate Strategy , COWI , Directorate-General for Energy (European Commission) , ep group
- Personal author(s): Fawkes, Steven ; Sweatman, Peter ; Bedford, Leo ; Hafner, Mark
- Themes: Energy
- Subject: disaster risk reduction , energy efficiency , energy law , energy transition , EU energy policy , financial institution , reduction of gas emissions , report , sustainable finance
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| ISSN | ISBN 978-92-68-08939-2 | DOI 10.2833/203776 | Catalogue number MJ-03-23-423-EN-N |
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