New EIBG and Solar Impulse Initiative Helps European SMEs Boost Energy Efficiency and Cut Costs

New EIBG and Solar Impulse Initiative Helps European SMEs Boost Energy Efficiency and Cut Costs

(IN BRIEF) The European Investment Bank Group (EIBG), European Commission, and Solar Impulse Foundation have partnered to launch an initiative supporting small and medium-sized enterprises (SMEs) in Europe with energy efficiency investments. By facilitating access to clean technologies through innovative financing models, including “efficiency as a service,” the initiative helps SMEs reduce energy costs, lower emissions, and increase competitiveness. The program aligns with the EU’s 2030 energy reduction targets and is part of a broader effort to accelerate the green transition across Europe.

(PRESS RELEASE) LUXEMBOURG, 15-Nov-2024 — /EuropaWire/ — The European Investment Bank Group (EIBG), the European Commission, and the Solar Impulse Foundation have launched a collaborative initiative to help small and medium-sized enterprises (SMEs) in Europe enhance their energy efficiency, bolstering their competitiveness and resilience in the process. This initiative, announced as part of the EIB Group Strategic Roadmap 2024-2027, is designed to address the critical yet often challenging transition to energy-efficient practices, a key factor in meeting Europe’s climate and energy goals.

Aimed at overcoming the high initial costs and knowledge barriers that frequently hinder SMEs from investing in energy-saving technology, the initiative includes support for pilot projects exploring innovative financing models. One such model, “servitisation” or “efficiency as a service,” enables businesses to pay for the outcome of energy-efficient solutions—like heating or lighting—rather than purchasing the equipment outright. This removes the need for substantial upfront costs, helping SMEs make energy-saving upgrades that can reduce their energy bills by 30% and halve related CO₂ emissions.

EIB Vice-President Ambroise Fayolle emphasized the importance of helping SMEs become more energy efficient, noting that they contribute to approximately 60% of Europe’s emissions. “Our initiative will support a range of energy efficiency measures, contributing to a sustainable and resilient future,” Fayolle said.

Partnering with the Solar Impulse Foundation, which has a portfolio of over 1,600 certified clean technologies, the initiative benefits from the foundation’s extensive network and market expertise. Bertrand Piccard, Chairman of the Solar Impulse Foundation, highlighted that the new approach allows SMEs to access clean technologies without prohibitive costs, breaking down financial barriers to the adoption of energy-efficient solutions.

The European Commission, supporting this effort through its InvestEU programme, views this collaboration as part of its broader commitment to energy efficiency, aiming to meet the EU’s target to reduce energy consumption by 11.7% by 2030. Ditte Juul Jørgensen, Director General for Energy, noted that furthering energy efficiency investments is essential for the competitiveness of European industries and for achieving the EU’s climate targets, aligning with the global goal of doubling energy efficiency improvements by 2030, as reinforced at COP28.

This partnership represents a step forward in Europe’s strategy to enhance sustainable growth and drive the clean energy transition, providing SMEs with the tools and resources needed to thrive in a greener economy.

Background information

European Investment Bank Group

The European Investment Bank Group, consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), is the long-term lending institution of the European Union. It finances sound investment contributing toward EU policy goals, including competitiveness, innovation, sustainable development, social and territorial cohesion, as well as the just and swift transition to climate neutrality.

Energy efficiency is one of the pillars of the Energy Union, the EU strategy to offer more secure, sustainable, competitive and affordable energy for homes and businesses. Investment in energy efficiency remains the most cost-effective way to meet our energy and climate goals. EIB Group lending in the sector has increased constantly over the last decade and stood at € 8.2bn in 2023 alone.

About the Solar Impulse Foundation

The Solar Impulse Foundation is a non-profit organisation founded by explorer and cleantech pioneer Bertrand Piccard, following the success of the first round-the-world flight in a solar aircraft. The Solar Impulse Foundation identifies, labels and promotes all the innovations that are economically profitable and can take the world towards more energy efficiency. Over 350 independent experts evaluate submitted solutions from various sectors and award the Efficient Solutions label, a trusted mark of quality. Today, the portfolio includes over 1,600 solutions and the Foundation supports their adoption by enhancing their visibility, bringing them to adopters from the private and public sectors, mobilising venture capital and project finance, and advocating for legislative modernisation. The Foundation is committed to proving that ecological performance and economic viability can be reconciled, making climate action not only an imperative but also an opportunity.

Media Contacts:

EIB Group:
Antonie Kerwien
a.kerwien@eib.org
mobile: +352 691 289 790

Solar Impulse Foundation:
Daniela Diego
daniela.diego@solarimpulse.com

Press Office

press@eib.org
+352 43791

SOURCE: European Investment Bank