The European Investment Bank (EIB) has signed a PLN 71.2 million (EUR 16 million) guarantee agreement with BNP Paribas Bank Polska to provide a first loss portfolio guarantee to support the financing of energy efficiency projects from Polish homeowners, micro-farmers, and housing associations. The guarantee will help BNP Paribas Bank Polska to provide, under the agreement with the EIB, PLN 742 million (EUR 166.7 million) of new financing for energy efficiency projects. The banks estimate that around 15.000 clients will benefit from the project. The EIB guarantee comes under the Private Finance for Energy Efficiency (PF4EE), a joint initiative launched by the European Commission via the LIFE program and the EIB.

“When you talk about climate action, there is much to be gained from energy efficiency. Investing in climate-relevant projects is not only about energy generation or e-mobility – a huge effort is needed to better manage and use the energy that we consume. In line with our commitment to raise the share of our climate financing to 50% by 2025, we wholeheartedly support this project with our long-time partner BNP Paribas Bank Polska, which will give Polish homeowners and farmers the chance to improve their environmental standing and save on their energy bills,” EIB Vice-President Teresa Czerwińska commented.

“Care for the environment, sustainable development and energy efficiency are now key topics of public debate and challenges we all face. At BNP Paribas Bank Polska, we actively take initiatives to support the construction of a sustainable economy and protect natural resources. As the first on the Polish market, we have established cooperation with European institutions regarding the PF4EE instrument. Thanks to this, we can offer our clients financing of renewable energy sources in their homes and farms as well as thermo-modernization projects for multi-family buildings on a massive scale. We are proud to be able to participate in the energy transformation of so many market segments and to help a wide group of Poles to derive renewable energy from home appliances,” Jarosław Rot, Managing Director responsible for Assets and Liabilities Management and Head of BNP Paribas Bank Polska’s Sustainable Finance Competence Center, added.

(WBJ)