EIB Group, European Commission, and Solar Impulse Foundation Unveil Energy Efficiency Initiative for SMEs at COP29 in Baku

In a concerted effort to bolster energy efficiency and drive the green transition, the European Investment Bank Group (EIBG), the European Commission (EC), and the Solar Impulse Foundation (SIF) launched a new pilot initiative aimed at boosting energy efficiency investments for small and medium-sized enterprises (SMEs). The initiative, a key element of the EIB Group Strategic Roadmap 2024-2027, is designed to enhance the competitiveness and sustainability of SMEs across Europe.

Aligned with the European Union’s target to reduce energy consumption by 11.7% by 2030, the initiative is poised to contribute significantly to the global goal of doubling energy efficiency. The expected outcomes include reducing energy costs by 30% and cutting energy-related CO2 emissions by 50%. However, challenges such as high upfront costs and a lack of resources and expertise within SMEs have hindered widespread adoption of energy-efficient technologies.

To overcome these barriers, the initiative leverages a unique approach known as “servitisation,” which offers energy efficiency as a service. This model allows SMEs to pay for the outcomes, such as energy savings, rather than investing in energy-efficient equipment upfront. Under this arrangement, service providers retain ownership of the equipment, facilitating the implementation of energy-saving solutions without the financial strain typically associated with such investments.

Ambroise Fayolle, Vice President of the EIB, emphasized the critical need to support SMEs in the transition to energy efficiency: “Small and medium-sized businesses find it much harder to invest in energy efficiency than large companies. With SMEs generating about 60% of Europe’s emissions, we must help them become more efficient to meet EU climate targets.”

The Solar Impulse Foundation, which has developed the “Solar Impulse Efficient Solution” label, will bring its extensive network and market knowledge to the initiative. Bertrand Piccard, Chairman of the Solar Impulse Foundation, explained the importance of making energy-efficient solutions accessible to SMEs: “Even though operational costs are much lower, high initial investments often limit their use. By partnering with the EIB, we aim to break down financial barriers and fast-track the adoption of clean technologies.”

The European Commission’s support is part of its broader InvestEU programme. Ditte Juul Jørgensen, Director General for Energy at the European Commission, welcomed the collaboration: “This initiative is essential to ensure the competitiveness of European industry and achieve our climate and energy goals. It also supports the global objective to double energy efficiency improvements by 2030, as agreed at COP28.”

This pilot initiative marks a significant step toward empowering SMEs in Europe to take part in the clean energy transition while enhancing their competitiveness and contributing to climate goals.