The European Investment Bank (EIB) approved the creation of a brand new financial instrument, the Smart Finance for Smart Buildings initiative. The aim is to make investments in energy efficiency projects in residential buildings more attractive to private investors, through the intelligent use of EU grants as a guarantee.
This new instrument, together with other EU policy initiatives for smart buildings, aims to unlock a total of €10 billion in public and private funds between now and 2020 for energy efficiency projects. It is estimated that this could support up to 220,000 jobs, and help establish a renovation market for small businesses worth up to €120 billion. In addition, up to 3.2 million European families could be taken out of energy poverty.
Read more on the European Commission's website.