Nadia Calviño: 'The cleanest, safest, cheapest energy is one that is not consumed'

Good morning everyone, 

Let me start where my dear Commissioner Jørgensen and dear Dan also started by saying what a great pleasure it is to be here at the Berlaymont. Thanks for hosting this event and what a great pleasure it is to share this initiative with him. 

I am particularly happy indeed that we are working together again, riding together again, as a way of saying it, because every time we get together, we're dealing with things that are important for the people and the businesses of Europe. 

The first time we joined our forces, it was about housing, second time we joined our forces it's about reducing energy costs, so we are really focusing on what matters. 

The second reason is that we are actually showing that European institutions put our money where our mouth is. It's not only about speaking, it’s about actually using and leveraging the European budget to the benefit of Europe's competitiveness and security. 

So that's why it is a great pleasure to be here and let me also welcome our partners from the Solar Impulse Foundation, our colleagues, our clients, both public and private, that will be today sharing their experiences and trying to again join forces to find solutions to today's challenges.  

I remember very well, Mr. Piccard Bertrand, the first time we discussed this, it was in the European Investment Bank forum in Luxembourg. You were also there, Dan. 

And we started thinking about this issue of energy efficiency for SMEs, and I was very grateful that Ambroise, Vice-President Fayolle, who has the oversight over climate action inside the European Investment Bank Group, he was as enthusiastic as I was from the first moment. And our drivers were very easy, very, very clear messages, 3 key messages: 

First of all, as Dan just said, the cleanest, safest, cheapest energy is that one that is not consumed. 

Second key idea, there are already tested technologies that increase energy efficiency, that reduce energy costs, they are available, they have been developed. 

The third idea, if we manage to scale them up, they will become cheaper and there will be also innovation, improving these existing technologies, and if we reach the necessary scale, this will have a material impact on Europe's economy. 

At the heart of Europe's economy, as you rightly said, are SMEs, so we need to focus on small and medium-sized companies, which are the beating heart of the European economy. 

These are the three key ideas that have driven us here today. From the European Investment Bank, we were enthusiastic from the beginning. 

I need to say thanks to all the team you have here, people who represent the bankers, that represent the economic analysis, that represent the engineers who are thinking about climate action in Europe, how to make the green transition a European success.  

And working together, we have been able to launch and work and launch two distinct instruments. 

First, we are scaling up existing instruments from debt and equity instruments that are underpinned by the European budget and that we know already work. 

Secondly, we are also launching new instruments. 

We are trying to identify lighthouse projects, and I'm really happy that today we can announce the first two lighthouse projects, the initiatives of Solas Capital and the Eiffel Group that have been approved by our Board and that are here today.  

And we will explain their initiatives, because it will allow the European Investment Bank to invest in platforms that are going to develop new markets, for example, you already mentioned it, also energy efficiency as a service. 

This is not existing yet, it is very promising, it can allow us to reach the necessary scale, it can also allow the creation and the birth of new companies and new services, so I'm really happy that this is a very creative initiative.  

Let me finish with some numbers. 

The aim from the European Investment Bank is to double our financing for SME energy efficiency annually so that we can reach €17 billion in financing by 2027, and that that can help 350 000 small and medium-sized companies in Europe invest, get more efficient and reduce their energy bills. 

It is an initiative, as I said at the beginning, and I close with this idea where I started really. 

We are focusing our efforts on improving the lives of the people in Europe and improving the efficiency and competitiveness of European companies. 

But this is not only about energy bills, this is about Europe's competitiveness, it is about security, it is about pan European instruments that integrate European markets, it is about simplification, because we will create a one-stop shop so that SMEs have one place to go to get this financial support. 

It is about partnerships between European institutions, with national institutions, with financial institutions, with small and medium-sized companies associations, and also with large players in the European Union, public and private sectors working together. 

And let me tell you, when we act together in unity, with determination, we are unstoppable. So let's walk the talk. 

Thank you very much for joining us today.