The Board of the European Investment Bank (EIB) approved the creation of a brand new financial instrument, the Smart Finance for Smart Buildings initiative. With the support of EU grants, it tries to attract private investors to spend their money on energy efficiency projects in residential buildings. Besides the obvious environmental aspects, this initiative could "support up to 220,000 jobs, and help establish a renovation market for small businesses worth up to €120 billion." Moreover, up to 3.2 million families living in Europe could be saved from energy poverty.
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