An appeal for the Government to unblock the National Fund for Energy Efficiency, which has been at a standstill for two years due to the delayed identification of the person who will have to manage it. A reminder of the importance of the role that Cassa Depositi e Prestiti must play. The proposal is to prepare a system of guarantees capable of favoring the activation of credit lines for the financing of initiatives in the field of energy efficiency.
These are the indications that emerged from the kick-off meeting of CESEF – Center for Studies on Energy Efficiency Economics and Management – held in Milan and chaired by Prof. Andrea Gilardoni of the Bocconi University and directed by Dr. Stefano Clerici. In addition to presenting the Centre's activities for 2016, the theme was discussed: "A system of guarantees to unlock funding for Energy Efficiency". Andreana Esposito of Cassa Depositi e Prestiti, Rony Hamaui of Mediocredito Italiano and Roberto Moneta of ENEA introduced.
The meeting was attended by numerous and relevant exponents of industry, finance and institutions in the energy efficiency sector (including Albaleasing, Alpiq, CESI, Coprob, CVA, ENI, E.ON Connecting Energies, General Electric, Hera, Iren, Manutencoop, Sinloc, Studio Radice&Cereda, Susi Partner, Terni Energia, Universal Sun, Utilitalia and Whirlpool). The difficulties of the banking system in financing energy efficiency projects were discussed which, according to everyone, could be overcome with guarantees capable of reducing/redistributing the risks associated with complex and difficult to standardize investments.
The model is the Guarantee Fund for small and medium-sized enterprises of the Ministry of Economic Development (MiSE) which is giving important results: to manage a similar fund there are various subjects with adequate skills and tools, which only need to be put into a system.
The National Fund for Energy Efficiency, set up at the MiSE by Legislative Decree 102/14, is now seriously behind schedule. It has a budget of 70 million euros a year until 2020 and today it amounts to 210 million. It can be used for low-interest loans but, above all, for guarantees on financing energy efficiency projects up to 80% of loans disbursed by banks, redistributing the risk. It can activate investments of between 1 and 2 billion euros, or perhaps more.
However, the Fund is blocked by the failure to issue the implementing decrees. The cause? The delayed identification of the manager; among the possible ones: Cassa Depositi e Prestiti, GSE and Cassa for energy and environmental services. But what is the choice? And when will the Fund be activated? Energy efficiency also has numerous positive impacts on the industrial system both in terms of competitiveness and because it opens up world markets to Italian companies.
An important role can be played by the Cassa Depositi e Prestiti whose 2016-2020 Plan pays attention precisely to energy efficiency. The Cassa promotes guarantee funds that support bank loans and unblock investments. But Enea (and other qualified bodies) also has an important role as technical certifier of the quality of the projects (better technologies, cost adequacy, etc.) and of the obtainable savings.
CESEF has set up a Technical Table with the partners to follow the development of the issue.
