The H2020 project to finance sustainable construction in the service sector has begun

Financing sustainable building renovations in the service sector with an innovative tool that will accelerate the ecological transition and counteract energy poverty: This is the objective of the European project SER-Social Energy Renovations, which sees the participation of the Italian CGM Finance, the School of Management of the Politecnico di Milano, ENEA, and Fratello Sole, a consortium of non-profit entities dedicated to fighting energy poverty. Other partners include the Spanish company GNE Finance, the project leader, Secours Catholique-Caritas France, and the Bulgarian branch of Econoler.

Financed under the Horizon 2020 programme, the project will last three years, in which a de-risking mechanism will be designed and developed to reduce the risk associated with financing and allow access to credit, even for subjects with limited economic capacity. The mechanism will include analysis and technical standardization when defining interventions to make buildings more energy efficient.

The projects will be consolidated and subject to social impact assessment and then financed, allowing investors to access safe, effective investments in line with ESG criteria. It will also allow social companies to carry out green renovations at accessible prices with the necessary technical assistance.

ENEA and Fratello Sole will involve service entities and select buildings used for non-profit activities, intervening with energy-efficient and sustainable restorations. Energy renovation will be carried out by Fratello Sole Energie Solidali – ESCo, a joint venture between Fratello Sole Scarl and Iren Energia.

Within the project, the School of Management will identify indicators to assess and analyse the social impact of the financed projects.

“The question of evaluating social impact is as current as it is complex, growing from a topic of interest to few people into an integral part of business strategy and an essential issue in finance”, explains Mario Calderini, Professor of Social Innovation in the Department of Management, Economics and Industrial Engineering.
He adds: “This project aims to improve not only the environmental impact generated by building efficiency interventions, but also the social impact generated by service-sector organizations, which will be able to offer better services due to the benefits of such interventions.” 

Finally, Secours Catholique-Caritas France, together with the Bulgarian branch of the energy efficiency consultation company Econoler, will explore the possibility of replicating of this tool in other European countries.