Public-Private Sector Partnerships for energy efficiency investments are soon expected to gain impetus as officials throughout Europe, including Greece, have realized emission reduction targets cannot be achieved without energy consumption reductions at privately owned buildings.
The European Mortgage Bank, joined by 45 banks, has designed home loan products that place far greater emphasis on environmental aspects.
In designing these loan products, the banks anticipate reduced energy consumption will increase disposable income and, as a result, offer greater security for the servicing of these loans while also increasing the value of properties. Greek banks are also involved in the overall effort.
The initiative also promises to offer support for energy efficiency upgrades of public buildings as related work conducted through Public-Private Sector Partnerships will not add to municipal debts or deficits, a concern that has deterred the borrowing ability of municipalities in the past.
According to European Commission data, existing energy efficiency upgrade needs at buildings around Europe are estimated at 170 billion euros annually until 2030, if emission reduction targets are to be met.