-- Across Europe, banks are trying to figure out how to handle a growing risk lurking in residential mortgage portfolios: energy consumption.China-Bound Oil Tanker Hit by Houthi Missile in Red Sea, US SaysIn Germany, the bloc’s largest economy, it’s increasingly clear that many households are either unwilling or unable to devote funds to upgrading the energy efficiency of their homes.
Deutsche Bank says it’s already looking into doing more such capital-relief deals, which have emerged as a piece of financial engineering that looks set to play an increasingly important role in Europe. Rebecca Heaton, director of environmental sustainability at Lloyds, says the bank is “concerned by the inadequate progress in decarbonizing the UK’s 28 million homes.”
The EU has set a goal of cutting emissions in the building sector by 60% by 2030, and has made complete decarbonization a 2050 target. At 42% of energy consumed, buildings “are the single largest energy consumer in Europe,” according to the European Commission. In fact, “it doesn’t change anything for the stock of buildings in German society” and creates “a deceptive image” about emissions reductions, Horn said.
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