Nordea joins a pilot project to create a standardised European framework for energy-efficient mortgages loans. The purpose is to make the European housing sector more sustainable by rewarding financing of energy-efficient homes and stimulating investment in energy-efficiency measures.
The housing market has a big impact on our climate. It accounts for about 40% of total energy consumption, making it a key target for efforts to create a sustainable society.
As participants in the pilot project EeMap through the European Mortgage Federation (EMF) Nordea will during a 2-year period test and implement the framework for energy-efficient home loans, which will be launched when the pilot starts, into existing products and processes. Nordea will also take part in driving this issue in various forums to develop the initiative and promote collaboration on energy-efficiency in the housing sector.
In tandem with the pilot project borrowers will be encouraged to report their energy consumption to provide input for research into the effect of energy efficiency on credit risk. The borrowers’ data and the pilot project will contribute to the EU Commission’s action plan for sustainable financing, which was unveiled in March.
“We’re proud and excited to be part of this pilot project and help drive the development of a standard for energy-efficient home loans in Europe. This is a good example of how Nordea, together with customers and cooperation partners, makes it possible to transition to a sustainable future”, says Michael Skytt, Head of Nordea Hypotek.
Other sustainability stories by Nordea
Every two years, WWF publishes the Living Planet Report, a global analysis on the health of our planet and the impact of human activity on nature. The Living...
The European initiative for Energy Efficient Mortgages (EEM) is launching its definition of an energy efficient mortgage loan. The definition is intended to...
Nordea & Thinkers50 Business Forum – partnering up for an engaging conference discussing “Making better choices”
In September Nordea and Thinkers50 Business Forum, a premiere business event bringing together big thinkers and CEOs, hosted a two-day event in Odense.
Our illustrative analysis showed how ‘greening’ an individual’s financial assets, such as savings, could generate 27 times greater improvements in a personal...
Renewable energy is needed to enable a low carbon economy and wind power is one of the most viable sources. The political consensus is there but there is a h...