Ambroise Fayolle, vice-president of the European Investment Bank, spoke at "Efficiency in action: The silent driver of competitiveness," a COP30 side event.
Check against delivery
Good morning ladies and gentlemen,
It is a pleasure to be here today. Let me begin by thanking Bertrand Piccard, the Solar Impulse Foundation and the Energy Efficiency Movement for convening this timely and important event.
Energy efficiency is one of the most powerful tools we have in the fight against climate change. Itis not just a technical fix – it is a strategic imperative. At the European Investment Bank (EIB) Group, the financial arm of the European Union, we are fully committed to closing the investment gap in energy efficiency and supporting the transition to a low-carbon economy.
Today, policymakers face a complex “energy trilemma”: how to balance energy security, competitiveness and sustainability. Often, advancing one of these goals comes at the expense of the others. But energy efficiency is a rare exception – it strengthens all three. It reduces emissions, lowers costs, and enhances resilience. As the saying goes, the safest, cheapest, and cleanest energy is the energy we don’t consume.
This is especially relevant in today’s world, where high energy costs and geopolitical uncertainty pose real challenges – particularly for small and medium-sized enterprises (SMEs) and citizens. That’s why progress on the global commitment made at COP28 to double the rate of energy efficiency improvements to over 4% annually by 2030 is so critical.
At the EIB Group, we are walking the talk. Supporting investments help reduce emissions, cut energy bills, and support businesses and households across Europe and beyond. For example, we are supporting energy-efficient hospitals, schools, housing and public buildings in Ukraine, sustainable housing in Kazakhstan, and energy efficiency upgrades for SMEs and industries in Chile.
Earlier this year, we marked an important milestone in Europe – one that I am proud to say was launched together with Ditte and Bertrand, who are with us today.
It is called the Energy Efficiency for SMEs Initiative, and it represents a powerful partnership between the European Commission, the Solar Impulse Foundation, and the EIB Group.
Over the next three years, this initiative will support around 350 000 SMEs across Europe. The EIB Group will increase financing for energy efficiency and decarbonisation solutions to €17.5 billion – almost doubling current volumes.
We are also piloting lighthouse projects and commercialising innovative “servitisation” models – offering energy efficiency as a service rather than a product. These models help scale up existing technologies and make them accessible to SMEs, enabling European industry to meet its decarbonisation targets while improving competitiveness.
These projects will allow the EIB Group to support investment platforms focused on SME energy efficiency, alongside private sector partners. Not only will they drive investments on the ground, but they will also help broaden the investor base and attract much-needed capital into the energy efficiency sector.
Overall, we estimate our Energy Efficiency for SMEs Initiative could mobilise over €65 billion in investment over the next three years.
Making clean technologies accessible to SMEs and transforming how they produce and consume energy is essential in Europe and indeed worldwide.
We believe our Energy Efficiency for SME Initiative can be a blueprint for how public and private sectors can work together to close the investment gap. Public banks like the EIB can absorb risk and support emerging technologies, while private investors bring scale and reach.
Together, we can replicate these models globally, especially in emerging markets where investment is most needed.
Ladies and gentlemen, throughout today’s event, we will hear from pioneers turning energy waste into opportunity. We will explore innovative financial instruments and partnerships that can bring these solutions to market. And will be reminded that decarbonisation is not a burden – it is a business case. One that supports growth, resilience, and prosperity.
Let us embrace that mindset. Let us work together to make energy efficiency the cornerstone of a sustainable future.
Thank you and I wish you an interesting debate.