Today, May 27, 2025, alinnea has launched the Working Group (WG) “Priority measures to generate financing that meets the needs of Spain’s real estate sector,” with the aim of identifying key actions that promote financing that meets the needs of the Spanish real estate sector in terms of energy efficiency and decarbonization.
This new Group builds on the conclusions reached in 2024 by a Working Group also promoted by alinnea, delving deeper into innovative financial solutions that will overcome one of the main barriers to energy renovation: the lack of access to financing tailored to the different profiles of property owners. Solving this challenge is key to meeting the decarbonization targets for the building stock set out in the PNIEC and the new European Energy Performance of Buildings Directive (EPBD).
This WG falls within the thematic area of ‘Sustainable Cities’ and will bring together experts in sustainable finance, financial institutions, and experts from the building renovation ecosystem for four working sessions to be held between May and October 2024.
The main objective of these sessions is to identify priority measures to generate adequate financing for energy efficiency and decarbonization of Spain’s building stock. Resolving the financing challenges faced by building owners is a priority issue for meeting the decarbonization targets for the building stock set out in the PNIEC and the new European Energy Performance of Buildings Directive (EPBD). Innovation in sustainable finance has the potential to remove one of the major barriers slowing down the rollout of renovation in Spain.
Throughout the meetings, a qualitative analysis will be carried out focusing on demand with the aim of identifying the main barriers and incentives for each financing product, concluding with a set of recommendations to scale up the intersection of demand and supply of financing in the field of energy efficiency in buildings. The ultimate goal is to ask the relevant actors in the field of energy renovation of the building stock in Spain about the challenges and opportunities for successfully addressing this renovation, and the measures and policies that would help mobilize the necessary financing. The analysis will be accompanied by technical support from Spainsif.
The Working Group’s deliberations will be used to propose a roadmap that will include a series of recommendations and incentive proposals to advance in this area, studying different financial vehicles in depth and identifying priority measures to facilitate their implementation and use.
During this session, the debate, which was moderated and facilitated by political scientist and alinnea contributor Cristina Monge, focused on the barriers and incentives relating to the following financial products, which are mainly channeled through financial institutions: green mortgages, green loans, and green loans for homeowners’ associations.
The main financing mechanisms and the classification of barriers and incentives for mobilizing financing were analyzed. The discussion focused mainly on green mortgages, green loans, and green loans for homeowners’ associations. Issues such as excessive bureaucracy, low interest rate advantages, high green standards, and limited access for vulnerable groups were discussed. In response, proposals were put forward such as simplifying procedures, providing credit secured by the home with reverse mortgages, incentives such as tax exemptions, variable conditions subject to improvements in the energy certification of properties, and measures to advance greater security in the monetization of future energy savings.
The debate was attended by various financial institutions (Banco Sabadell, BBVA, Caixabank, Caja Rural de Navarra, GNE Finance, Ibercaja, Unión de Créditos Inmobiliarios), consulting firms (Bluerise, Climate Strategy & Partners, N World), Spanish and European public administration (Climate Kic, Ensanche 21 Zabalgunea, Institute for Just Transition, Ministry of Economic Affairs and Digital Transformation), the social sector (Red Cross, European Climate Foundation, Revo Prosperidad Sostenible, Spainsif), and academia and research (BC3, IE University).
alinnea is a Think & Action Tank promoted by IE University with the support of the European Climate Foundation (ECF). Founded in 2024, it works to break down sectoral barriers in the climate transition, promoting investment solutions through dialogue between public, private, and social actors. Its interdisciplinary and collaborative approach allows it to generate realistic and impactful proposals to accelerate climate action.
If you would like to participate in the upcoming sessions of this working group, please contact alinnea at info@alinnea.org.