The European Bank for Reconstruction and Development (EBRD) is extending an €80 million portfolio risk-sharing guarantee to BNP Paribas Bank Polska to help increase access to green finance in Poland.
The EBRD’s guarantee will enable BNPPBP to lend €100 million worth of sub-loans to private individuals for residential energy efficiency improvements, renewable energy investments, and investments in sustainable transport.
Under the programme, BNP Paribas Bank Polska will offer funding for private individuals to replace outdated heating systems and comprehensive thermal upgrades in single-family homes across Poland.
The scheme is expected to benefit single-family homeowners, representing almost 40 per cent of Poland’s residential building stock. This will help address issues such as Poland's residential housing sector's high energy and carbon intensity and assist the country in moving towards a low-carbon economy by reducing its annual energy consumption and greenhouse gas emissions. It will also help address the country’s pressing air pollution challenges, which stem in large part from residential heating, which relies on coal-fired boilers and accounts for around 40 per cent of Poland’s total energy.
The project fully aligns with the EBRD’s Green Economy Transition (GET) approach. The EBRD’s guarantee benefits from EU partial first loss risk cover and is accompanied by the technical assistance provided under the InvestEU Programme.
Andreea Moraru, EBRD Regional Director for Poland and the Baltic States, said: “We are pleased to continue our successful cooperation with BNP Paribas Bank Polska and further scale up energy efficiency financing in Poland. By modernising and decarbonising the Polish residential and transport sector, we are supporting Poland’s green transition and improving the comfort and quality of life for residents.”
Jarek Rot, Chief Sustainability Officer and Executive Director of Sustainability Area of BNP Paribas Bank Polska, said: “Residential green financing is one of the key elements of BNPPBP’s strategy concerning energy transformation. Thanks to efficient cooperation with EBRD, the bank will be able to further increase its engagement in projects related to energy efficiency improvements and renewable energy”.
Adam Hirny, Director of the Sustainable Business Development Department in BNP Paribas Bank Polska, summed up the project: “Investing in new heat sources is a significant but unavoidable expense for our clients. To ease this process, we at BNP Paribas Bank Polska, together with EBRD, remain strongly committed to supporting this transition using available EU instruments, such as InvestEU guarantees. We believe this will lead to energy savings, which will be reflected in reduced energy bills, improved quality of life and increased property values”.
