With the increasing pace of Global Warming and the upward trend in energy costs, the EU is making efforts to encourage energy efficiency and sustainability by making resources available to support projects that will reduce dependence on carbon based energy and will promote a greener energy infrastructure that is both environmentally friendly and economically sound. The European Energy Efficiency Fund (EEE-F) represents the EU’s latest effort along these lines.
Now, prominent European monetary institutions have joined together to create the European Energy Efficiency Fund, launched July 1st by The European Commission, The Deutsche Bank of Germany, Italy's Cassa Depositi e Prestiti and the European Investment Bank. The EEE-F will focus on investments for energy efficiency and renewable energy for use in the public sector as part of the wider effort by EU member states to meet goals to improve energy efficiency by 20%, increase the usage of renewable energy used by 20%, and reduce the release of greenhouse gases by 20% - all by the year 2020.
The creation of the EEE-F was made possible in December 2010 when the Council of Ministers and the European Parliament accepted a proposal from the European Commission to set aside funds from the European Energy Programme for Recovery to be used for efforts toward achieving sustainable energy. The European Commission then partnered with the European Investment Bank to define guidelines and protocols for the EEE-F.
The EEE-F is intended to work on relatively small scale projects, supporting investments from energy service companies, business energy and business electricity suppliers and local authorities. Unlike the European Local Energy Assistance, The EEE-F can target projects whose overall budgets are less than EUR 50 million.
EEE-F monies will be used in a variety of ways. Funds will be allocated as grants to provide technical assistance to projects in the early stages of development. Additionally, funds will be made available in the form of loans and equity participation. A portion of the Fund is also expected to be designated for raising awareness among national and regional authorities who manage funds dedicated to sustainable energy. The current size of the EEE-F is EUR 265 million but is expected to grow as the fund attracts both public and private sector investors in an effort to reach a funding level of EUR 800 million.
By: Graeme_K
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