More than seven million smart meters will be installed in homes across Great Britain under a new GBP 1 billion mass roll-out programme backed by the European Investment Bank alongside six commercial banks (Barclays, Crédit Agricole CIB, HSBC, Santander, Sumitomo Mitsui Banking Corporation and The Bank of Tokyo-Mitsubishi UFJ Ltd) and Infracapital.
The European Investment Bank (EIB) will provide GBP 360 million to this initiative that will significantly increase the roll-out of smart meters to reduce energy use and help households save money.
The programme is a key part of the scaling up the use of smart meters in Britain, and one of the largest smart meter schemes in Europe to date. The roll-out will be managed by Calvin Capital, a leading funder, owner and manager of gas and electricity meters. Individual meters will then be used by customers of energy suppliers.
“This is a significant step for Calvin’s ambition of becoming the leading provider of financing and management services to energy retailers in respect of smart metering. Calvin has been, and continues to be, a pioneer in smart meter funding and management. Working with our world class lenders and shareholders, including the EIB for the first time, has allowed us to develop funding solutions that are flexible and cost effective in meeting the requirements of our customers over the next few years.” said Jim Macdonald, Chief Executive Officer of Calvin.
“Smart meters make it easier for households and businesses to save energy and this huge roll-out will help to significantly cut carbon emissions. As part of our commitment to support GB energy investment, the European Investment Bank is pleased to provide GBP 360 million to back Calvin’s crucial project that will enable millions of energy users to save money. This programme provides a benchmark for similar smart meter schemes across Europe in the future.”said Jonathan Taylor, European Investment Bank Vice President.
This is the largest project so far to be backed by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe and the second in the UK. EFSI was established earlier this year by the European Investment Bank and the European Commission and will enable increased lending and attract private capital for crucial projects by the European Investment Bank in strategic sectors such as renewable energy, digital infrastructure, transport and R&D; as well as financing for SMEs. Since the start of EFSI more support for projects in GB have been approved by the board of the European Investment Bank than in any other country.
European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, added: “I’m very pleased that the European Fund for Strategic Investments – which is at the heart of the EUR 315 billion Investment Plan for Europe – is helping to finance this worthwhile project. Smart meters improve customer awareness of how much they are spending on their energy bills so they can make informed decisions on their energy use. With COP 21 taking place right now, it is very positive that over half of the EFSI projects to be approved by the EIB so far are in energy efficiency and renewable energy.”
The programme will support the UK Government’s plans to ensure that over 53 million smart electricity and gas meters are installed in every domestic property in Great Britain by 2020. The energy industry has spent the last four years learning, testing, trialing and developing how the roll-out will work in practice. The mass roll-out will begin in 2016.
Calvin was advised by The Royal Bank of Scotland (financial) and Hogan Lovells. The commercial lenders were advised by Allen & Overy while Linklaters acted for the EIB.
7 New Technologies That Could Radically Change Our Energy Consumption
Most of our focus on technological development to lessen our environmental impact has been focused on cleaner, more efficient methods of generating electricity. The cost of solar energy production, for example, is slated to fall more than 75 percent between 2010 and 2020.
This is a massive step forward, and it’s good that engineers and researchers are working for even more advancements in this area. But what about technologies that reduce the amount of energy we demand in the first place?
Though it doesn’t get as much attention in the press, we’re making tremendous progress in this area, too.
New Technologies to Watch
These are some of the top emerging technologies that have the power to reduce our energy demands:
- Self-driving cars. Self-driving cars are still in development, but they’re already being hailed as potential ways to eliminate a number of problems on the road, including the epidemic of distracted driving ironically driven by other new technologies. However, even autonomous vehicle proponents often miss the tremendous energy savings that self-driving cars could have on the world. With a fleet of autonomous vehicles at our beck and call, consumers will spend less time driving themselves and more time carpooling, dramatically reducing overall fuel consumption once it’s fully adopted.
- Magnetocaloric tech. The magnetocaloric effect isn’t exactly new—it was actually discovered in 1881—but it’s only recently being studied and applied to commercial appliances. Essentially, this technology relies on changing magnetic fields to produce a cooling effect, which could be used in refrigerators and air conditioners to significantly reduce the amount of electricity required.
- New types of insulation. Insulation is the best asset we have to keep our homes thermoregulated; they keep cold or warm air in (depending on the season) and keep warm or cold air out (again, depending on the season). New insulation technology has the power to improve this efficiency many times over, decreasing our need for heating and cooling entirely. For example, some new automated sealing technologies can seal gaps between 0.5 inches wide and the width of a human hair.
- Better lights. Fluorescent bulbs were a dramatic improvement over incandescent bulbs, and LEDs were a dramatic improvement over fluorescent bulbs—but the improvements may not end there. Scientists are currently researching even better types of light bulbs, and more efficient applications of LEDs while they’re at it.
- Better heat pumps. Heat pumps are built to transfer heat from one location to another, and can be used to efficiently manage temperatures—keeping homes warm while requiring less energy expenditure. For example, some heat pumps are built for residential heating and cooling, while others are being used to make more efficient appliances, like dryers.
- The internet of things. The internet of things and “smart” devices is another development that can significantly reduce our energy demands. For example, “smart” windows may be able to respond dynamically to changing light conditions to heat or cool the house more efficiently, and “smart” refrigerators may be able to respond dynamically to new conditions. There are several reasons for this improvement. First, smart devices automate things, so it’s easier to control your energy consumption. Second, they track your consumption patterns, so it’s easier to conceptualize your impact. Third, they’re often designed with efficiency in mind from the beginning, reducing energy demands, even without the high-tech interfaces.
- Machine learning. Machine learning and artificial intelligence (AI) technologies have the power to improve almost every other item on this list. By studying consumer patterns and recommending new strategies, or automatically controlling certain features, machine learning algorithms have the power to fundamentally change how we use energy in our homes and businesses.
Making the Investment
All technologies need time, money, and consumer acceptance to be developed. Fortunately, a growing number of consumers are becoming enthusiastic about finding new ways to reduce their energy consumption and overall environmental impact. As long as we keep making the investment, our tools to create cleaner energy and demand less energy in the first place should have a massive positive effect on our environment—and even our daily lives.
Responsible Energy Investments Could Solve Retirement Funding Crisis
Retiring baby-boomers are facing a retirement cliff, at the same time as mother nature unleashes her fury with devastating storms tied to the impact of global warming. There could be a unique solution to the challenges associated with climate change – investments in clean energy from retirement funds.
Financial savings play a very important role in everyone’s life and one must start planning for it as soon as possible. It’s shocking how quickly seniors can burn through their nest egg – leaving many wondering, “How long your retirement savings will last?”
Let’s take a closer look at how seniors can take baby steps on the path to retiring with dignity, while helping to clean up our environment.
Tip #1: Focus & Determination
Like in other work, it is very important to focus and be determined. If retirement is around the corner, then make sure to start putting some money away for retirement. No one can ever achieve anything without dedication and focus – whether it’s saving the planet, or saving for retirement.
Tip #2: Minimize Spending
One of the most important things that you need to do is to minimize your expenditures. Reducing consumption is good for the planet too!
Tip #3: Visualize Your Goal
You can achieve more if you have a clearly defined goal in life. This about how your money can be used to better the planet – imagine cleaner air, water and a healthier environment to leave to your grandchildren.
Investing in Clean Energy
One of the hottest and most popular industries for investment today is the energy market – the trading of energy commodities. Clean energy commodities are traded alongside dirty energy supplies. You might be surprised to learn that clean energy is becoming much more competitive.
With green biz becoming more popular, it is quickly becoming a powerful tool for diversified retirement investing.
The Future of Green Biz
As far as the future is concerned, energy businesses are going to continue getting bigger and better. There are many leading energy companies in the market that already have very high stock prices, yet people are continuing to investing in them.
Green initiatives are impacting every industry. Go Green campaigns are a PR staple of every modern brand. For the energy-sector in the US, solar energy investments are considered to be the most accessible form of clean energy investment. Though investing in any energy business comes with some risks, the demand for energy isn’t going anywhere.
In conclusion, if you want to start saving for your retirement, then clean energy stocks and commodity trading are some of the best options for wallets and the planet. Investing in clean energy products, like solar power, is a more long-term investment. It’s quite stable and comes with a significant profit margin. And it’s amazing for the planet!
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