Commission welcomes agreement on energy performance of buildings

A political agreement on new rules for improving the energy performance of buildings was reached today between negotiators from the European Parliament, the Council and the Commission. The Commission’s proposal forms part of the implementation of the Juncker Commission priorities – in particular “a resilient Energy Union and a forward-looking climate change policy“. Today’s agreement signals the closure of the first of 8 legislative proposals part of the Clean Energy for All Europeans package brought forward by the European Commisison on 30 November 2016. It also shows that the work towards the completion of the Energy Union is on the way and that the work initiated by the Juncker Commission is being delivered.

The improvements agreed include measures to strengthen the energy performance of new buildings, to accelerate the rate of building renovation towards more energy efficient systems and tapping into the huge potential for efficiency gains in the building sector, the largest single energy consumer in Europe.

Vice-President responsible for the Energy Union Maroš Šefčovič said: “The fight against climate change starts ‘at home’, given that over a third of EU’s emissions is produced by buildings. By renovating and making them smart, we are catching several birds with one stone – the energy bills, people’s health, and the environment. And as technology has blurred the distinction between sectors, we are also establishing a link between buildings and e-mobility infrastructure, and helping stabilize the electricity grid. Let’s stay on high gear.”  

Commissioner for Climate Action and Energy Miguel Arias Cañete added: “As the first agreement on a proposal of the Clean Energy for All Europeans Package, this is a step in the right direction. But I would have preferred to see a more ambitious commitment to e-vehicles charging points for non-residential buildings. This would have been more consistent with our commitments under the Paris Agreement and the European clean mobility strategy. But the new buildings directive will help create local jobs, save consumers money and improve our quality of life. I now call on the European Parliament and the Council to show ambition and complete the rest of the proposals of the Clean Energy for All Europeans Package.”

Main achievements:

  • Creates a clear path towards a low and zero emission building stock in the EU by 2050 underpinned by national roadmaps to decarbonise buildings.
  • Encourages the use of information and communication technology (ICT) and smart technologies to ensure buildings operate efficiently for example by introducing automation and control systems.
  • Supports the roll-out of the infrastructure for e-mobility in all buildings (although to a lesser extent than in the Commission’s proposal).
  • Introduces a “smartness indicator” which will measure the buildings’ capacity to use new technologies and electronic systems to optimise its operation and interact with the grid.
  • Integrates long term building renovation strategies.
  • Mobilises public and private financing and investment.
  • Helps combatting energy poverty and reducing the household energy bill by renovating older buildings.

Next steps

Following this political agreement, the text of the Directive will have to be formally approved by the European Parliament and the Council. Once endorsed by both co-legislators in the coming months, the updated Energy Performance of Buildings Directivewill be published in the Official Journal of the Union and will enter into force 20 days after publication. Member States will have to transpose the new elements of the Directive into national law after 18 months.

Background

The energy performance of buildings directive (EPBD) is part and parcel of the implementation of the Juncker Commission priorities to build “a resilient Energy Union and a forward-looking climate change policy”. The Commission wants the EU to lead the clean energy transition. For this reason the EU has committed to cut CO2 emissions by at least 40% by 2030 while modernising the EU’s economy and delivering on jobs and growth for all European citizens. In doing so, the Commission is guided by three main goals: putting energy efficiency first, achieving global leadership in renewable energies and providing a fair deal for consumers. 

The building sector in the EU is the largest single energy consumer in Europe, absorbing 40% of final energy, and about 75% of buildings are energy inefficient. Likewise, and depending on the Member State, only 0.4-1.2% of the stock is renovated each year. This opens a vast potential for energy efficiency gains in Europe as well as economic opportunities: the construction industry generates about 9% of European GDP and accounts for 18 million direct jobs. Construction activities that include renovation work and energy retrofits add almost twice as much value as the construction of new buildings, and SMEs contribute more than 70% of the value added in the EU building sector.

Significant upfront investment is required for the refurbishment of buildings. The EPBD is a substantial element of the European Commission’s work to make buildings more efficient and boost renovation. This work is accompanied by enabling tools for example the revised guidance for energy performance contracts (EPCs) which will help the building sector increase the necessary investments, see IP/17/3268. Furthermore, with the extended European Fund for Strategic Investments (EFSI 2.0) the Commission focus more on sustainable investments in all sectors to contribute to meeting the EU’s climate targets and to help to deliver on the transition to a resource efficient, circular and low-carbon economy. At least 40% of EFSI projects under the infrastructure and innovation window should contribute to the Commission’s commitments on climate action in line with the Paris Agreement objectives, see MEMO/17/3224.

More information

Energy Efficiency of Buildings

Energy Union

Investment Plan for Europe: the Juncker Plan




ESMA PUBLISHES TRANSLATIONS FOR MIFID II GUIDELINES ON THE MANAGEMENT BODY OF MARKET OPERATORS AND DRSPS

19 December 2017

Guidelines and Technical standards

MiFID – Secondary Markets

The European Securities and Markets Authority (ESMA) has issued today the official translations of its Guidelines on the management body of market operators and data reporting services providers under the Markets in Financial Instruments Directive (MiFID II).

National Competent Authorities (NCAs) to which these Guidelines apply must notify ESMA whether they comply or intend to comply with the Guidelines, within two months of the date of publication by ESMA of the Guidelines in all EU official languages.




Update on BENCH registers from 3 January 2018

The European Securities and Market Authority (ESMA) will publish a register of administrators and third country benchmarks, in accordance with Article 36 of the Benchmarks Regulation. ESMA will start publishing this list of Administrators and third country benchmarks as of 3 January 2018 (ESMA’s first working day of 2018).

ESMA is currently working on a new release of  this register. Therefore, until the new register release is fully available as an IT functionality on our website, ESMA will provide an interim solution which involves it publishing, on a daily basis (ESMA working days), the latest registers information in  csv format  (list of benchmarks attributes) which will be available for download. 

The list will be published starting from 3 January 2018 and until Q3 2018 when the register interface will be available.

The following files will be made available on a daily basis in csv format: 




ESMA PUBLISHES TRANSLATIONS FOR MIFID II GUIDELINES ON THE MANAGEMENT BODY OF MARKET OPERATORS AND DRSPS

19 December 2017

Guidelines and Technical standards

MiFID – Secondary Markets

The European Securities and Markets Authority (ESMA) has issued today the official translations of its Guidelines on the management body of market operators and data reporting services providers under the Markets in Financial Instruments Directive (MiFID II).

National Competent Authorities (NCAs) to which these Guidelines apply must notify ESMA whether they comply or intend to comply with the Guidelines, within two months of the date of publication by ESMA of the Guidelines in all EU official languages.




ESMA consults on securitisation requirements

The European Securities and Markets Authority (ESMA) has published three consultation papers on draft technical standards implementing the Securitisation Regulation (SR). The Regulation establishes a general framework for securitisation and creates a specific framework for simple, transparent and standardised (STS) securitisation. Securitisations are transactions that enable a credit institution or a corporation to refinance assets, such as loans, by transforming them into tradable securities.

The Regulation requires certain information to be reported about securitisations to repositories, including details of their underlying exposures, details of the securitisation structure itself, and information on the securitisation cash flows. The securitisation repositories will be registered and supervised by ESMA. In addition, securitisations seeking to be designated as STS must fulfil additional criteria and notify ESMA of their fulfilment of these criteria. Finally, third party entities may seek to be authorised by a national competent authority to assess the compliance of securitisations with the STS criteria.

The Securitisation Regulation includes a number of mandates for ESMA to draft technical standards on these provisions. Accordingly, ESMA’s just-published consultation papers seek stakeholder views on:

  1. The contents and format of underlying exposures and investor report templates, which aim to meet the Securitisation Regulation’s reporting requirements;
  2. The operational standards for providing these reports to securitisation repositories, and the operational standards for accessing this information from securitisation repositories. Moreover, the specific conditions for the entities specified in the Regulation to access information from securitisation repositories;
  3. The contents and format of the notification to ESMA of a securitisation’s STS status; and
  4. The application requirements for third party entities seeking to be authorised as providers of STS verification services.

Next steps

ESMA, in order to facilitate the provision of feedback, has made available flexible-format versions of the proposed reporting templates on its website.

The consultation is open for feedback until 19 March 2018. ESMA will use the feedback received to help finalise its draft technical standards, and expects to publish a final report in July 2018 (for the STS notification and third party application requirements) and by the end of 2018 (for the reporting requirements and operational standards/access conditions).