The European Commission’s Investment Plan for Europe has backed a €75 million European Investment Bank loan to Swedish real estate company Castellum.
The loan will finance the construction of new energy-efficient office buildings, reports New Europe Online.
Castellum, one of the major listed real estate companies in Sweden, will use the loan to finance two new NZEB office buildings, specifically the “Torsplan” building in the Hagastaden part of Stockholm and the “Citypassagen” in central Örebro, according to the press release.
Improved energy efficiency in buildings is a critical part of the transition towards decarbonisation and mitigation, but requires significant investment upfront.
Buildings are responsible for 40 percent of energy consumption and 36 percent of CO2 emissions in the EU. Older buildings can be up to 20 times as inefficient in their energy consumption for heating as new ones.
Around a third of Europe’s building stock is more than 50 years old, but by improving energy performance and reducing energy demand, CO2 emissions could be reduced by around five per cent.
The legislation driving energy efficiency in buildings includes the 2010 Energy Performance of Buildings Directive and the 2012 Energy Efficiency Directive. Countries, too, have national measures to reduce the energy consumption of buildings. These include schemes to provide financial support for insulation measures, air sealing, and improved ventilation systems.