In Poland, the European Investment Bank (EIB) has signed a €16 million ($18.6.6 million) agreement to provide energy efficiency funding with BNP Paribas Bank Polska.
The two banks will finance energy efficiency and renewable energy projects deployed by Polish homeowners, micro-farmers and housing associations.
Leveraging the agreement with EIB, BNP Paribas Bank Polska will be able to provide €166.7 million ($193.9 million) of new financing for energy efficiency projects.
Around 15.000 clients are expected to benefit from the project. The EIB guarantee comes under the Private Finance for Energy Efficiency (PF4EE), a joint initiative launched by the European Commission via the LIFE programme and the EIB.
Measures that are eligible for this financing include solar photovoltaic installation for private homeowners and micro-farmers and a wide range of energy efficiency measures for multi-apartment buildings, such as energy efficient windows or facades, heating and ventilation systems, renewable energy sources integrated into the buildings and other measures.
EIB vice-president Teresa Czerwinska, said: “When you talk about climate action, there is much to be gained from energy efficiency. Investing in climate-relevant projects is not only about energy generation or e-mobility – a huge effort is needed to better manage and use the energy that we consume.
“In line with our commitment to raise the share of our climate financing to 50% by 2025, we wholeheartedly support this project with our long-time partner BNP Paribas Bank Polska, which will give Polish homeowners and farmers the chance to improve their environmental standing and save on their energy bills.”
Head of BNP Paribas Bank Polska’s Sustainable Finance Competence Center Jarosław Rot added: “Care for the environment, sustainable development and energy efficiency are now key topics of public debate and challenges we all face. At BNP Paribas Bank Polska, we actively take initiatives to support the construction of a sustainable economy and protect natural resources. As the first on the Polish market, we have established cooperation with European institutions regarding the PF4EE instrument.
“Thanks to this, we can offer our clients financing of renewable energy sources in their homes and farms as well as thermo-modernisation projects for multi-family buildings on a massive scale. We are proud to be able to participate in the energy transformation of so many market segments and to help a wide group of Poles to derive renewable energy from home appliances.”