Since the launch of the pilot scheme in June 2018 and, most recently in December 2018, the publication of a high-level, principle-based definition of the Energy Efficiency Mortgage (EEM) and the first meeting of the Italian National Market Hub, the number of banks participating in the Pilot Scheme has continued to grow, as the scheme gathers increasing momentum, with the ultimate objective of offering European borrowers a greener choice for their housing finance needs.
As of today, 42 European banks are taking part in the Pilot Scheme and have committed to test the implementation of the final energy efficient mortgages framework into their existing product lines and processes.
These lending institutions are joined by 30 other supporting organisations throughout the EU and supported by an Advisory Council which advises on the deployment of the Pilot Scheme in the market.
The ultimate goal of the EEM Initiative is to deliver a mortgage financing mechanism, according to which borrowers are incentivised to improve the energy efficiency of their properties or to acquire highly energy efficient properties, by way of favourable financial conditions linked to the mortgage. The Initiative will furthermore develop a data collection infrastructure for energy efficient mortgages.
Luca Bertalot, Energy Efficient Mortgages Initiative Coordinator, commented:
“We are delighted to welcome BNL Gruppo BNP Paribas to the Pilot Scheme. Their participation further strengthens the scheme in Italy and we are confident they will play a key role in tackling the challenges and shaping the energy efficient mortgage framework for the Italian market. The recent first meeting of the Italian National Market Hub, held in December 2018, is a clear sign of the willingness of Italian market players to share best practices across the industry and take concrete steps to launch Energy Efficient Mortgage products in the near future.
The strong and ever-increasing engagement of Europe’s lending institutions in the Pilot scheme reflects the commitment of the mortgage industry to supporting the clean energy transition in line with the Paris Agreements and to building a financial system that fosters sustainable growth to the benefit of all, in the context of the European Commission’s efforts to construct a capital markets union.”
Mauro Bombacigno, Head of Corporate Engagement, BNP Paribas Italy stated:
“The participation of BNL in the Energy Efficient Mortgages Initiative marks another important milestone, as a Bank and as BNP Group around the world, in the implementation of our business strategy geared towards sustainability, in order to deliver an ever more positive economy, environment and society, to the benefit of all. We refer to this concept as “positive banking”.
By way of this new approach to banking, the recent initiative from BNL dedicated to mortgages, hand-in-hand with transparency, focuses attention on buildings with a high level of energy efficiency, on raising people’s awareness and on offering solutions designed to address their needs, while ensuring a positive impact in shaping a sustainable future for all. ”