Aligning green mortgages in the Nordics with the EU taxonomy

The EU Green Deal, put forward by the European Commission, aims to reduce emissions by 55% by 2030 compared to the 1990 level. A renovation wave of the European housing stock is needed to achieve this. The EU taxonomy for sustainable activities seeks to accelerate the sustainable transition by promoting sustainable investments, including the uptake of mortgages for renovations.

The Nordic Energy Efficient Mortgages Hub (NEEM Hub) focuses on scaling up energy-efficient mortgages for households in the Nordics, thereby contributing to the renovation wave. In this paper prepared for the NEEM Hub, we set out to identify areas where the EU taxonomy could further contribute to the adoption of green mortgages in the Nordics and put forward recommendations to achieve it.

Our main conclusions are

We propose three concrete policy recommendations to increase the taxonomy’s effectiveness in the region

This publication was written under the Nordic Energy Efficient Mortgages Hub project and can also be found on the project website.