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eeef Annual Report 2013

Greetings While the EU is making good progress towards meeting its climate and energy targets for 2020, an integrated policy frame- work for the period up to 2030 is needed to ensure regulatory certainty for investors and a coordinated approach among member states. The framework presented by the European Commission in January 2014 seeks to drive continued progress towards a low- carbon economy. It aims to build a competitive and safe energy system that ensures affordable energy for all consumers, increases the security of the EU’s energy supplies, reduces our dependence on energy imports and creates new opportu- nities for growth and jobs. Along with stable and ambitious climate commitments, Europe needs to leverage more private capital into sustainable energy investments, and in particular energy efficiency, that generate stable revenues through energy savings as well as multiple socio-economic benefits such as local jobs, reduced energy imports or improved work and living conditions. The European Energy Efficiency Fund (eeef) has been launched as a role model fund to demonstrate how sustainable energy projects can be financed by providing a solid track record of innovative financing solutions, with a strong replication potential. The first results under the Fund have shown high interest from project promoters and public authorities with very promising deals already signed across the EU. As climate and energy commitments are being reinforced at a time of public budgetary constraint, more than ever, we need more efficient use of EU and national expenses, with a clear leverage on private capital. The eeef is therefore an important instrument to support the goals of the European Union to promote a sustainable energy market and reinforced climate protection. Marie C. Donnelly Chair of the Supervisory Board and Director at the European Commission Introduction 3