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.
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