The “Winter Package” is a set of new legislative proposals aimed at creating a European Energy Union and focused on reducing the Union’s dependence on energy imports and on fighting climate change. As a priority it is proposed that energy efficiency targets for 2030 should be set at 30% compared to 1990 levels. The building industry is the largest energy consumer in the EU, with buildings using 40% of total energy consumption and representing 36% of its CO2 emissions. Building renovations represent a massive opportunity for massive investment which as well as achieving energy security and climate gains will create jobs, boost GDP, produce better living spaces and reduce consumers’ bills.
In this context, the Investor Confidence Project Europe brings efficient tools to enable the growth of the building energy efficiency retrofit market, still nascent in Europe and to date mainly supported by public capital. ICP Europe is a sister project of the Investor Confidence Project launched five years ago in the United States by Environmental Defense Fund to standardise energy efficiency upgrades in a way that reduces due diligence costs and performance risks. Projects that follow the ICP system are accredited against industry standards and best practices, and can be certified as Investor Ready Energy Efficiency™ (IREE™). This increases transparency and confidence in savings which can help engage private capital and scale up energy efficiency investments globally.
“Today’s endorsement will accelerate energy efficiency deal-flow and help us reach the €100 billion per year needed to meet the European Union’s 2020 energy efficiency target,” said Panama Bartholomy, Director of ICP Europe. “Together with our Investor Network, and our partnership with Green Business Certification Inc., ICP is on its way to becoming the premier global underwriting standard for energy efficiency projects around the world.”
Paul Hodson, Head of the European Commission's energy efficiency unit, said: “The potential of the Investor Confidence Project to develop good practice in de-risking energy efficiency investments has been recognised and described in the Commission Staff Working Document on Good practice in energy efficiency, that will accompany the Energy Efficiency Directive legislative proposal to be adopted on 30 November. The ICP approach addresses the needs of investors looking for standardised projects that reduce the time, risk, and costs involved in funding energy efficiency building retrofits.”
With a European market for energy efficiency worth €60-100 billion, the ICP System is particularly relevant to investors. "Standardized energy upgrade approaches such as ICP accelerate project progress, facilitating a more structured project development approach, which greatly enables access to financing’, said Lada Strelnikova, Director Deutsche Asset Management and Investment Manager for the European Energy Efficiency Fund (eeef), which provides financing for energy efficiency projects in the public sector in Europe.
ICP Europe has launched its IREE™ Certification in June 2016 and a first project developed by the Carbon and Energy Fund was certified in Liverpool, UK.
Interested parties can find more information on ICP Europe’s Investor Network here. For further details, please email email@example.com.