Thirty-seven banks with a 45% share of European mortgage lending are participating in the pilot scheme of the Energy Efficient Mortgages Initiative, which was launched yesterday (Thursday), under which they will test implementation of a new framework with a view to creating a final product.

The Energy Efficient Mortgages Initiative is aimed at delivering a standardised European framework and data collection process for energy efficient mortgages, with favourable financing conditions for energy efficient buildings and energy saving renovations. The Energy Efficient Mortgages Action Plan (EeMAP) is seen as potentially creating a large pool of assets that could naturally be used as the basis for green covered bonds, while the intertwined Energy Efficiency Data Portal & Protocol Initiative (EeDaPP) could provide evidence to support lower capital charges for energy efficient mortgages. (The overall Energy Efficient Mortgages Initiative comprises EeMAP and EeDaPP.)

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