- The EIB has provided a loan of up to €100 million to BNP Paribas Bank Polska to finance projects supporting energy efficiency.
- The EIB and BNP Paribas Bank Polska also signed a new guarantee agreement for a portfolio of €115 million under the Private Finance for Energy Efficiency (PF4EE) programme, a joint initiative of the European Commission and the EIB.
- BNP Paribas Bank Polska (and its leasing subsidiary) will also receive advisory support under the EIB’s Green Gateway facility to build capacity in assessing and originating green projects.
The European Investment Bank (EIB) and BNP Paribas Bank Polska (part of BNP Paribas Group) have signed an agreement for up to €100 million to support energy efficiency projects in Poland. BNP Paribas Bank Polska is an established counterpart for the EIB, with multiple operations successfully undertaken and completed. The financing will strengthen BNP Paribas Bank Polska’s leadership in energy efficiency and green energy lending on the Polish market, with loans available to private individuals, housing associations, housing cooperatives, homeowners’ associations and other qualified parties undertaking energy efficiency projects.
At the same time, to further promote and support energy efficiency in Poland, the EIB and BNP Paribas Bank Polska signed a guarantee agreement to guarantee a portfolio of €115 million under the Private Finance for Energy Efficiency (PF4EE) programme, a joint initiative of the European Commission and the EIB supporting energy efficiency transformation in Europe. This is BNP Paribas Bank Polska’s second agreement under the PF4EE initiative, with the first, fully deployed agreement having supported more than 24 000 final beneficiaries for a total investment value of €180 million (PLN 860 million). This is enabling the generation of 117 600 MWh of electricity from renewable energy sources and saving 33 300 MWh of energy a year. This in turn translates into an annual CO2 emissions reduction of 96 000 tonnes.
Since the launch of the second agreement in August 2022, BNP Paribas Bank Polska has provided support to another 5 500 final beneficiaries for a total investment value of €53.5 million (PLN 251 million). This is enabling the generation of 35 500 MWh of electricity from renewable energy sources and saving 8 500 MWh of energy a year. This translates into an annual CO2 emissions reduction of 28 000 tonnes.
By the end of 2022, BNP Paribas Bank Polska and the EIB had provided support to over 30 000 final beneficiaries under the two agreements for a total investment value of €236 million (PLN 1.1 billion). This delivered the following green benefits (annual figures):
- 153 100 MWh of electricity produced from renewable energy sources
- 41 800 MWh of energy saved
- CO2 emissions reduction of 124 000 tonnes
The PF4EE programme provides credit risk protection to commercial banks, expert support in assessing and implementing energy efficiency investments and a dedicated credit line from the EIB to improve the terms of funding.
In addition, BNP Paribas Bank Polska and its leasing subsidiary will receive additional advisory support (in the form of training and the development of support tools) under the Green Gateway facility, to build capacity in identifying, assessing and reporting on green projects.
EIB Vice-President Teresa Czerwińska said: “The EIB is proud to strengthen cooperation with BNP Paribas Bank Polska — a green financing leader in Poland. The green transition requires decisive action now, as the period until 2030 will be pivotal to addressing our planet’s the climate and environmental crisis. The EIB, as the EU climate bank, is determined to support energy transformation in Poland and across Europe as this is the key factor for the success of the climate action.”
The EIB is one of the world’s main financiers of climate action and environmental sustainability. In 2022, the volume of EIB financing devoted to climate action and environmental sustainability projects increased to €36.5 billion, 58% of its total financing volumes. As the EU climate bank, the EIB is committed to supporting the European Green Deal, helping Europe become the first carbon-neutral continent by 2050 and contributing to the achievement of the United Nations Sustainable Development Goals. In 2022, EIB loans supporting the green transformation of the Polish economy reached 49% of its total lending figure for the country of €5.45 billion.
European Commissioner for Energy Kadri Simson said: “Energy efficiency is central to the EU’s green transition and to increasing our energy independence. To give an example: our Fit for 55 package would lower total European gas consumption by 30% by 2030. More than one-third of this would come from meeting the energy efficiency target agreed under the recently revised Energy Efficiency Directive. I am glad to see the EIB’s continuous commitment to support our joint efforts to reach climate neutrality by 2050. Improving energy efficiency does not only benefit our citizens and companies, but will also facilitate further investments into the EU.”
Executive Director and Chief Sustainability Officer at BNP Paribas Bank Polska Jarek Rot said: “We are proud that thanks to our cooperation with the European Commission and the EIB, after two years of successful implementation, we can continue to use the PF4EE instrument and provide stronger support to our clients in their energy transition. Investment in renewable energy and the energy transformation of buildings is a key commitment of our GObeyond 2022-2025 business strategy, the bank's response to the challenges of the current energy crisis and the urgent need to become independent from other energy sources. Two years ago, when we started to work on this project with the great support of National Contact Point for Financial Instruments of the EU Programmes at the Polish Bank Association, we did not expect such rapid results — that we would already be extending and supplementing the guarantee combined with an additional injection of 100% EIB funds for green financing.”
Background information
The EIB Group has set “ensuring a just transition for all” as one of the four overarching objectives in its Climate Bank Roadmap 2025. The EIB’s ambition is to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030 and has aligned all its new operations with the goals and principles of the Paris Agreement.
BNP Paribas Bank Polska S.A., which has been listed on the Warsaw Stock Exchange since 2011, is a member of the BNP Paribas banking group whose footprint spans 65 countries. In Poland, as a universal bank with a global reach, it provides services to retail customers and other segments including wealth management, microbusinesses, small and medium-sized enterprises (SMEs) and corporate banking. As it advocates green initiatives, BNP Paribas supports its clients in the transition to a low-carbon economy, endeavours to curtail the adverse impact of its operations on the natural environment and inspires clients to make good financial decisions. The bank has provided funding for more than 40 000 households to install photovoltaic panels. The bank also consistently pursues its strategy of financing businesses in Poland while also supporting investments of strategic importance to the country with a positive social, economic and environmental impact.