Sixth Learning Event, 29th of August 2023 - Summary of presentations


29th August 2023, 09:00 - 11:30 Online

Welcome and Introduction

Introduction to the RoundBaltic Project

Mr. Nils Daugaard, EC Network

Session 1: Denmark united for finance

Overview of RoundBaltic intervention and achievements in Denmark

Mr Kaj Leonhart Petersen, EC Network

Key messages and learning

The RoundBaltic intervention in Denmark has aimed to support the national goal of 70% CO2 reduction by 2030 and full CO2 neutrality by 2050, due to this role:

  • Helping to implement national policies on regional/local level
  • Facilitating/Enabling actions in interaction with stakeholders, incl. the financial sector
  • Instrumental for making financial tools work in practice

The intervention has targeted the regions Central, South and East Denmark with a view to trigger specific sustainable energy investments within private homes, social housing and SME sectors.

Within each sector has been done efforts both to improve the investment framework and to launch specific investments, incl. upscaling of the project volume and initiation of standardised project development assistance.

Across all sectors RoundBaltic has helped to develop one-stop-shop concepts in interaction with national initiatives, tools and subsidy schemes and in conjunction with efforts to engage the financial sector. At the same time, the intervention has been suited the specific challenges and opportunities per sector, entailing for instance promotion of ESCO related solutions in combination with a new Green Guarantee Scheme and the possibility of using green loans in the social housing sector. As result of the intervention RoundBaltic triggered the initiation of considerable investments per target sector, adding up to an investment level of more than 150 MEUR.

Moreover, RoundBaltic paved way for sustaining future structures for energy efficiency finance. This has been done in tandem with the national DK2020 initiative involving all 98 Danish municipalities to develop climate and energy action plans in line with European SECAP standard. Further to this, RoundBaltic has established dialogue with the European Investment Bank and the Danish Energy Agency on the prospect of creating a national ELENA for Denmark, possibly integrated into a national OSS coordinated with regional advisory structures and taking into account the revised EPBD and Building directives.

RoundBaltic achievements in Eastern Denmark

Mr Tommy Olsen, GATE 21

Key messages and learning

The RoundBaltic intervention in East Denmark has targeted multifamily buildings, single family houses and the promising thermonet solution.

Within multifamily buildings the intervention helped to raise momentum for engagement of new financiers like pension funds and for the development of a new cross border project (involving Sweden) on financing of holistic energy renovations. Within single family houses a large number of municipalities have been mobilised and a one-stop-shop concept has been developed involving a value chain of stakeholders and interaction with existing initiatives.

Thermonet is a collective heat form that is suitable of serving areas above a certain heating density and where conventional district not feasible. The intervention comprised meetings with 15 municipalities and energy utilities and 20 citizen meetings. This has been accompanied by a video and easy to understand handbook for villages ( as well as an assessment tool ( As result, 5 – 10 thermonet investment projects are under planning and the first energy utility has implemented a thermonet project.

Involvement of the financial sector

Mr. Lars Ravn Knudsen, Finance Denmark

Key messages and learning

Finance Denmark (FIDA) is business association for Danish banks, mortgage institutions, asset management, securities trading and investment funds. Sustainable finance has become a key element of FIDA since year 2019, where it launched a Sustainable Forum in conjunction with 20 recommendations. Moreover, FIDA is engaged in a climate partnership with the Danish Government that include focus areas such as energy efficient buildings and production facilities.

Lars Ravn Knudsen presented 10 sustainable results of banks and mortgage institutions, incl. that nine out of ten employees have received a competence boost in sustainability and 691 billion DKK worth of loans for financing climate-friendly activities. As a recent initiative FIDA launched, in coordination with the Danish Government, a campaign aiming to replace existing oil and gas fired boilers with green heating, thereby helping with the sustainable transition of society and at the same time removing the independence of fossil fuels from Russia.

Lars ended his presentation by declaring FIDA’s appreciation of the interaction with RoundBaltic. This has helped FIDA to get useful insights of the energy efficiency market and getting to know about stakeholders and initatives, incl. the specific actions enabled by RoundBaltic.

Involvement of the energy efficiency sector

Mrs. Katrine Bjerre, SYNERGI

Key messages and learning

SYNERGI is branch organisation of Danish companies within the energy efficiency sector, incl. big ones like Danfoss, Grundfos, Velux and Rockwool. Katrine Bjerre started to declare the importance of energy efficiency, not only with regard to climate aspects, but also in terms of economy, health/welfare and security of supply. Said in another way, the world will not reach the Paris agreement without better use of energy.

In Denmark a big share of buildings is effective. Digitalisation and energy management is important to save energy as well as to help stabilising a fluctuating green energy system. A lot is already happening on the market, incl. that last year more than 20,000 households got subsidies for a heat pump and energy renovation and 300,000 got a tax reduction for energy renovation. Anyway, SYNERGI appreciate the new EU legislation under development that will imply additional incentives for energy renovations.

Katrine ended the presentation by stating SYNERGI’s perspective is that more finance is needed – from both the state and private sector, if we are to reach the climate goals – and that the financial sector has a special obligation to help drive the market in a greener direction. She also appreciated the interaction with RoundBaltic, incl. the roundtables bringing stakeholders across the energy efficiency sector together and the enabling of specific investment actions.

Session 2: Achievements of green finance in the Baltic and Balkan regions

RoundBaltic achievements in Latvia

Mr. Sergejs Gomzjakovs, Latvian Environmental Investment Fund

Key messages and learning

The intervention in Latvia has linked up to the national goal for 65% CO2 reduction by 2030 and CO2 neutrality by 2050.

A main focus has been on the regions Kurzeme and Vidzeme where RoundBaltic has helped to improve the data level of energy efficiency related processes and to standardize the documentation of energy efficiency implementation projects. At the national level, the intervention looked for ways to address the cyclical nature of financial support for energy efficiency in interaction with the financial sector.

The target sectors have been private, multiapartment buildings and SME sector, where enabling actions helped on issues like ESCO development and to promote uninterrupted flow of investments.

Part of the intervention has been to promote one-stop-shop (OSS) development at regional level as a key aspect in development of sustainable long-term approach for EE projects. In this regard municipalities/agencies should become more proactive, as they have a good profile in view of citizens. It is important that long-term investment commitments and money go into the building property, which also contributes to the market value.

As for future, permanent structures for energy efficiency finance the intervention has resulted in  road maps for regions to lead the way for a structured approach to project development, optimising use of public funds incl. involvement of private capital and ESCO and to make use of funds and finances more flexible, simple and understandable.

RoundBaltic achievements in Poland

Mr. Andrzej Rajkiewicz, SAPE

Key messages and learning

The intervention in Poland has supported fulfilment of the national policy goals, incl. a goal for increase in energy efficiency by 23%. Of overall actions performed, RoundBaltic facilitated dialogue between private and public parties with assistance of the Polish Bank Association and Ministry of Development and provided input to the Long Term Renovation Strategy 2050 (chapter on financing EE measures).

It targeted seven regions – Lower Silesia, Kuyavian-Pomerania, Lodzkie, Masovia, Podlasie, Pomerania Region and Slaskie Region – and among actions supported has been support to creation of one-stop-shops for municipal projects, multi-family housing and for energy poor households.

The target sectors have been public buildings, home renovations and SME/industry sector. Key issues to address have differed from sector to sector due to an overall intention of aiming for better use of public funds, standardisation and capacity building along engagement of the financial sector.

In its interventions SAPE has experienced that the „Energy Efficiency First” principle is gradually breaking through the barrier of lack of knowledge about the benefits in every environment and sector of the economy. Yet there are still bottle-necks to be resolved, like the guarantees for banks offering financing of energy efficiency projects to vulnerable clients and efficient forfaiting scheme of liabilities form Energy Performance Contracts. This calls for continued dialogue/interaction with stakeholders organisations like the Polish Bank Association, Polish Renovation Wave  and various branch oriented associations, incl. aiming to transform the mosaic of funds in a structured approach via one-stop-shops. 

Achievements of the sister project SMAFIN in the Balkan region

Mrs. Kiki Papadopoulou, SMAFIN project

Key messages and learning

SMAFIN is a three-year project that has run in the 4 countries Greece (CRES & INZEB), Bulgaria (EnEffect), Croatia (REGEA), and Romania (ENERO & PROnZEB), with the aim of supporting financing for energy investments mainly in private and public buildings, but also in SMEs and industry.

A key outcome has been an online platform with news, a Toolbox (10 technical reports, 55 financing tools, 19 best practices to support stakeholders in capitalising on energy efficiency projects) and an E-Forum for the exchange of views and communication material. Moreover, SMAFIN organized roundtables on key topics for the region like the implications of taxonomy and energy poor households.

The target sectors have been residential buildings, public buildings and tertiary sector and Kiki Papadopoulou reviewed the key issues and enabled actions per country and sector. SMAFIN also contributed to energy policy development, incl. providing feedback deriving from the roundtables and the Working Groups’ discussions to European and national policy makers, development of new policy measures/financing tools and facilitating dialogue between the financial sector, public authorities, and all stakeholders involved in energy sustainable investments.