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Nordic Energy Efficiency Mortgages

Objective

The EU green deal and ambitious climate targets of the Nordic governments require massive private investments into energy efficiency of the Nordic building stock, electrification of heating and smart energy systems.

Though a substantial part of the needed investments is profitable on paper, they are not actually carried out – an issue labelled the energy efficiency gap. For example, high transaction costs as a result of many points of contacts and lack of intuitive information makes energy renovations complex and unattractive for households. Also, lack of data hampers identification of buildings, which are ripe for energy efficiency renovations.

A common denominator for the barriers is that financial institutions are in a perfect position to overcome them, through their touchpoint with end customers and ability to finance the investments.
In this project, we will develop and market test concrete solutions to support Nordic financial institutions in overcoming the barriers.

In concrete, we will do this by setting up a Nordic hub for Energy Efficient Mortgages, allowing us to leverage the already developed solutions within the initiative and previous research to which many consortium partners have contributed. The developed solutions will be demonstrated and tested in the market by Nordea, Swedbank and Hemma.

The ultimate output of the project will be so-called blueprints for financial institutions on how to implement solutions to overcome the identified main barriers to energy renovations. This will be advanced throughout the Nordic banking sector through a comprehensive outreach campaign. The blueprints will showcase the value of a full-scale implementation to financial institutions as they are based on empirical tests within internal systems and response by end-customers. Thus, the blueprints will serve as a script to financial institutions to kick-start the much-needed renovation wave to be on track with the EU green deal as well as national climate targets.

Call for proposal

H2020-LC-SC3-EE-2020-2
See other projects for this call

Funding Scheme

CSA - Coordination and support action

Coordinator

COPENHAGEN ECONOMICS AS
Address
Langebrogade 1B
1411 Kobenhavn K
Denmark
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
EU contribution
€ 350 000

Participants (6)

INUDGEYOU APS
Denmark
EU contribution
€ 280 000
Address
Kompagnistraede 7A St Tv
1208 Copenhagen
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
GREEN DIGITAL FINANCE ALLIANCE
Switzerland
EU contribution
€ 240 000
Address
Chemin Des Anemones 11-13
1219 Chatelaine
Activity type
Other
COVERED BOND & MORTGAGE COUNCIL
Belgium
EU contribution
€ 90 000
Address
Rue De La Science 14
1040 Bruxelles
Activity type
Other
SWEDBANK AB
Sweden
EU contribution
€ 175 000
Address
Brunkebergstorg 8
105 34 Stockholm
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
Hemma i Sverige Holding AB
Sweden
EU contribution
€ 175 000
Address
Österlånggatan 18
111 36 Stockholm
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
NORDEA BANK ABP
Finland
EU contribution
€ 175 000
Address
Satamaradankatu 5
00020 Helsinki
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)