Significant energy savings will be required if the EU is to meet its challenging 20/20/20i and climate policy targets. According to recent analyses from Ecofys and the Fraunhofer Instituteii, achieving 20% energy savings by 2020 would result in net savings of €107 billion per year by 2020, meaning over €600 per household. This would also reduce Europe’s dependency on energy imports by 20% and provide a unique opportunity to create at least one million new jobs.

As a unique grouping from across civil society, business and policy, the Energy Efficiency Coalition strongly recommends that the European Commission allocates unspent funds to support the diffusion of energy efficiency under a financial framework set up by the European Investment Bank. A number of mechanisms have already been identified by the energy efficiency sector and the Commission, starting with the Green paper on Energy Efficiency in 2005. These financial schemes could play a critical role in triggering investments in energy efficiency whilst being an effective way to ensure that European taxpayers’ money is wisely spent.