Covenant of Mayors

The European Commission announced the upcoming launch of two new financial tools to support municipalities and regions in developing sustainable energy investment projects, at the occasion of a conference co-organised by the Covenant of Mayors.Office on 13 April 2011 in the framework of the European Sustainable Energy Week.

 

First, the European local energy assistance facility (ELENA) is to be extended so as to help build up local and regional capacities in terms of energy efficiency and renewable energy. ELENA will thus be divided into three parts: ELENA-EIB for projects of over €50 million, ELENA-KfW for projects of less than €50 million with a focus on carbon crediting, and ELENA-CEB for projects of less than €50 million with a focus on social housing.

 

Second, the European energy efficiency fund, which will be up and running starting May 2011, will dispose of €200 million to help render local and regional sustainable energy projects more attractive to the private sector. This new fund will aim at encouraging participation and investment in these projects.

 

'Our 2020 goals are now at the heart of national, regional and local energy strategies," explained Günther Oettinger, European commissioner for energy. 'Now we need to filter this down to every business, every household, every individual and the Covenant of Mayors, with 2 300 participating cities and towns and 70 regions, is instrumental in bringing sustainable energy close to local communities."

 

More details on these new financial tools should be made available by the European Commission in the coming weeks.

 

CEMR is an active member of the Covenant of Mayors. Together with other European networks, it jointly provides and manages the Covenant Office since January 2008.