Is a way of managing and restraining the growth in energy consumption. Something is more energy efficient if it delivers more services for the same energy input, or the same services for less energy input. This can be accomplished through many means, including renovating building stock to improve insulation and installation of more efficient lighting, heating, and cooling systems. The end objective is decreased energy consumption. Both of these terms are included in the concept of Smart Energy, which encompasses RE/EE along efficient distribution via Smart Grids and optimised consumption with smart metering and energy storage.
Published in Chapter:
Energy Investment in Smart Cities Unlocking Financial Instruments in Europe
Francesca Romana Medda (University College London, UK), Candace Partridge (University College London, UK), and Gianni Carbonaro (European Investment Bank, Luxembourg)
Copyright: © 2015
|Pages: 26
DOI: 10.4018/978-1-4666-8282-5.ch019
Abstract
The intense pressures being brought to bear by the increasing diversity in European urban development patterns call for innovative funding mechanisms to promote smart sustainable urban development, most notably in the energy sector. Currently in Europe, various policy initiatives support sustainable urban development through financial engineering mechanisms operating at municipal and regional scales. The objective of this chapter is to review the main financial mechanisms focusing on energy, and in particular on urban investments committed to a highly energy-efficient, and low carbon, economy. Within this framework we assert that, in order to achieve the EU sustainable urban development outcomes, specific European financial instruments will need to be considered as viable key investment options. The structure and operational features of European Financial Instruments are explored here in the case of the Urban Development Fund implemented in London. We also discuss the importance of ESCOs and crowdfunding as essential funding sources for community energy projects, and suggest that European policy should recognise their importance.