The European Investment Bank (EIB) and the Lithuanian government have started a new project to renovate 700 apartment buildings across the country. The project, estimated to cost €100 million, intends to lower greenhouse gas emissions and increase energy efficiency.
Funds for Renovating Housing
According to EIB’s announcement, the collaboration will mobilize nearly €625 million in investments. The funds will be directed toward renovating multi apartment buildings in various cities. Moreover, the project aligns with the European Union’s broader goal to increase energy efficiency in housing.
The project will also help the nation accomplish environmental goals and lower its carbon impact in addition to improving energy efficiency.
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EU Funding and EIB’s Role
As per the agreement with the Lithuanian Ministries of Finance and Environment, the EIB will manage the €100 million provided by the European Union. This fund will be used to offer preferential loans to renovate approximately 700 apartment buildings.
The EIB has already funded the renovation of more than 3,300 structures, demonstrating its dedication. Over 83,000 homes benefited from the program. The programs, which have invested close to €1.4 billion, have significantly reduced emissions and impacted energy usage.
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Example of Sustainable Housing Renovation
The new agreement sets forth an example of how investments and partnerships can address both housing and energy challenges. By leveraging EU Structural Funds, the initiative maximizes the potential of public-private collaboration, helping Lithuania move closer to its energy independence and sustainability goals.
Minister of Environment’s Statement
“The fund under this new agreement will provide preferential loans to renovate approximately 700 apartment buildings, reducing energy consumption and contributing to the successful implementation of the Green Deal and the Renovation Wave in Lithuania. By completing these renovation projects, we will not only improve people’s quality of life but also live in a greener and more sustainable country,” said Simonas Gentvilas, Lithuania’s Minister of Environment.
Impact of the Initiative
The energy efficiency of Lithuania will be greatly affected by this remodeling project. It will reduce household energy costs, improve the sustainability of the residencies, and help the nation reach its carbon neutrality targets. Additionally, it supports the EU’s Renovation Wave initiative, which attempts to increase building energy efficiency throughout Europe.
Lithuania will have a long lasting effect on its housing infrastructure and environmental sustainability due to this strategic partnership.
