Lithuania and EIB Partner to Improve Energy Efficiency in 700 Apartment Buildings

Lithuania and EIB Partner to Improve Energy Efficiency in 700 Apartment Buildings

(IN BRIEF) The Lithuanian government and the European Investment Bank (EIB) have partnered in a €100 million initiative to renovate 700 multi-apartment buildings, mobilizing up to €625 million to improve energy efficiency. The project will reduce household energy bills, lower greenhouse gas emissions, and enhance living conditions, aligning with EU sustainability goals. Building on the EIB’s previous support for over 3,300 renovated buildings, the initiative exemplifies how strategic investments and partnerships can address housing and energy challenges while advancing Lithuania’s Green Deal and Renovation Wave objectives.

(PRESS RELEASE) LUXEMBOURG, 12-Dec-2024 — /EuropaWire/ — The Lithuanian government has teamed up with the European Investment Bank (EIB) in a €100 million initiative aimed at enhancing energy efficiency and sustainability in the country’s housing sector. The project seeks to renovate approximately 700 multi-apartment buildings, leveraging up to €625 million in total funding to transform homes across Lithuania, including in its capital, Vilnius.

Under the agreement with the Lithuanian Ministries of Finance and Environment, the EIB will manage €100 million in EU funding as part of a broader effort to support the European Union’s energy efficiency goals. The initiative will deliver significant benefits, including lower energy bills for households, reduced greenhouse gas emissions, and improved living conditions for thousands of families.

A Commitment to Sustainable Housing
“Access to affordable and sustainable housing is a priority not only in Lithuania but across Europe,” said Thomas Östros, EIB Vice-President. “This initiative strengthens our partnership with Lithuania to enhance living standards while addressing critical energy efficiency challenges. By supporting these renovations, we are reducing emissions, increasing energy independence, and lowering costs for residents.”

The collaboration builds on the EIB’s extensive experience in financing energy-efficient housing in Lithuania. To date, the bank has supported the renovation of over 3,300 buildings, improving the quality of life for 83,000 households and mobilizing nearly €1.4 billion in investments.

Delivering Impactful Results Through Cooperation
Minister of Finance Gintarė Skaistė emphasized the initiative’s broader social and economic impact: “This long-term partnership with the EIB underscores our government’s commitment to improving the quality of life in Lithuania. By upgrading energy efficiency in multi-apartment buildings, we are reducing energy consumption and household taxes, ensuring a better future for our communities.”

Minister of Environment Simonas Gentvilas highlighted the project’s alignment with EU sustainability objectives: “This fund will provide preferential loans for renovating hundreds of apartment buildings, contributing to Lithuania’s Green Deal goals and the European Renovation Wave. These projects will enhance quality of life and foster a greener, more sustainable future.”

A Model for Sustainable Investments
The initiative exemplifies how strategic investments and partnerships can address housing and energy challenges at scale. By maximizing EU Structural Funds and leveraging EIB expertise, the project integrates Lithuania’s national priorities with European sustainability goals, serving as a model for impactful collaboration.

As part of this effort, the renovated buildings will not only benefit from improved energy efficiency but will also contribute to the country’s long-term vision of energy independence and environmental responsibility, reinforcing Lithuania’s position as a leader in sustainable development.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support  €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

About housing and the EIB Group

Housing is among EIB Group’s core strategic priorities, with new dedicated Task Force created to work on three areas: technological innovation in the building industry, retrofitting and energy efficiency of Europe´s housing stock, development of affordable and social housing.

This work will pave the way for the launch of a pan-European investment platform for affordable and sustainable housing announced by President Von der Leyen in her statement at the European Parliament in July.

The EIB Group has been providing financing and advisory services to the housing sector for the past 25 years. EIB Group support for sustainable urban development and renovation amounted to some €13.4 billion in the last 5 years.

Media Contact:

Kristiina Randmaa
k.randmaa@eib.org
+352 4379 – 72894

Press Office

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SOURCE: European Investment Bank