To mark France’s national day for combating fuel poverty, Mirova Foundation, the endowment fund of Mirova, a pioneer in sustainable finance, and Watt For Change, the endowment fund and foundation of the VALOREM group, a green energy producer, are stepping up their partnership with an ambitious new call for projects to accelerate the energy renovation of low-income households.
Renovating homes for the disadvantaged, a sustainable response to the social, energy and climate crisis
At a time when inflation is having the greatest impact on the most vulnerable, it is vital that we work together to deliver solutions complementary to public initiatives. Not only do twelve million people in France experience fuel poverty,1 but the time has come for everyone to take action to save energy this winter. Despite emergency measures announced and already put in place by the government, the available resources are still inadequate. The building & housing sector is responsible for 23% of greenhouse gas emissions2 (ahead of transport), and renovating the 7.2 million draughty homes would save 6 million tonnes of CO2 per year.3 Financing home energy renovations for low-income households is therefore a significant sustainable response to both the energy crisis and the climate emergency.
Additional financial and technical resources to accelerate the fight against fuel poverty
Watt For Change and Mirova established a first partnership in 2021 to combat fuel poverty in France and promote access to energy worldwide. Together, the two partners have already launched an initial call for projects focusing on energy-efficient home renovation for low- to very low-income homeowners, which has resulted in funding for around 15 non-profit associations. Today, the original partnership with the Mirova Foundation endowment fund has taken on a new dimension. A call for projects totalling €1.6 million over three years will be launched in early 2023. Projects to combat fuel poverty can only be implemented over the long term; that’s why, by joining forces and pooling their expertise, Mirova Foundation and Watt For Change want to help local players and provide sustained support for their projects. An assessment of the social and environmental impact of this call for projects will be carried out and published at the end of the three years.
In total, thanks to this partnership and latest call for projects, the two organisations will be devoting more than €2 million over 5 years, between 2021 and 2025, to combat fuel poverty. The aim is also to jumpstart a collective dynamic to increase resources in the future and finance more solutions to accelerate energy renovation for the most vulnerable households.
Philippe Zaouati President of Mirova Foundation and CEO of Mirova Our role as a responsible investor in the world of renewable energies means that we are committed to tackling issues relating to fuel poverty. Through our endowment fund, we want to contribute to an environmental transition that is based on solidarity and inclusion. Through this partnership with Watt For Change, we are proud to be providing financial and operational support to the associations that are making this ambition a reality on the ground.
Pierre Girard President of Watt for Change We are delighted with this ambitious partnership, which marks the continuation of our cooperation with Mirova Foundation. We hope that this three-year call for projects will enable a change of scale for grassroots associations that are fighting on a daily basis to reduce fuel poverty in regional France.
1 Ademe and ONPE estimate that 12 million French people are in fuel poverty (https://www.territoiresclimat.ademe.fr/ressource/400-141 and https://www.onpe.org/sites/default/files/onpe_chiffres_cles_2022_s1.pdf)
2 https://www.ecologie.gouv.fr/construction-et-performance-environnementale-du-batiment
3 National Energy Renovation Observatory (ONRE) report, July 2022