Title page
Contents
ABSTRACT 2
LIST OF ABBREVIATIONS 6
EXECUTIVE SUMMARY 9
1. INTRODUCTION 11
2. RECENT COVID-19 INFLUENCED CMU INITIATIVES AND SMEs 15
2.1. The varied universe of SMEs 15
2.1.1. EU Recommendation 16
2.1.2. Accounting Directive 16
2.1.3. Eurostat 16
2.1.4. MiFID II 17
2.1.5. Stock exchanges 17
2.1.6. Overview 17
2.2. Covid-19 influenced CMU initiatives and their impact on SMEs 19
2.2.1. Making companies more visible to cross-border investors 19
2.2.2. Supporting access to public markets 20
2.2.3. Supporting vehicles for long-term investment 21
2.2.4. Encouraging more long-term and equity financing from institutional investors 21
2.2.5. Directing SMEs to alternative providers of funding 22
2.2.6. Helping banks to lend more to the real economy 22
2.2.7. Overview 22
2.3. The neglected topic of personal guarantees 23
3. SMEs IN THE GREEN ECONOMY: THE CASE OF ENERGY EFFICIENCY FOR RESIDENTIAL BUILDINGS 25
3.1. SMEs and emissions savings in the residential construction sector 28
3.1.1. The energy used (emissions caused) by the SMEs operating in the residential building sector 28
3.1.2. Potential emissions avoided through investments in the residential housing sector 28
3.2. The residential construction sector 29
3.3. Investment needs in the residential housing sector 31
3.4. Innovative financing models for residential energy savings measures 34
4. POLICY CONCLUSIONS 46
REFERENCES 48
ANNEX 1: OVERVIEW OF CMU ACTIONS CONCERNING SMEs 50
ANNEX 2: INNOVATIVE FINANCING PROJECTS FOR RESIDENTIAL ENERGY SAVINGS MEASURES 54
Table 1. Key statistics for various EU SME definitions 17
Table 2. Source of investment finance in the last financial year, EU27 20
Table 3. The residential construction sector's contribution to GHG emissions and its employees 30
Table 4. Selection of SME-related projects that have been successful under Horizon 2020 37
Table 5. Selection of SME-related financing instruments that have been successful under Horizon 2020 40
Table 6. Overview of CMU actions concerning SMEs 50
Table 7. Other actions of the New CMU Action Plan (no expected impact on SMEs) 52
Table 8. Overview of innovative financing projects for residential energy savings measures (EU-funded, Horizon 2020) 55
Table 9. Overview of innovative financing projects for residential energy savings measures (Public/private-funded) 63
Figure 1. Graphical presentation of the study's coverage 12
Figure 2. Obstacles to obtaining a bank loan for SMEs across euro area countries (percentage of respondents) 13
Figure 3. Distribution of GHG emissions by sector in EU27 (in million tonnes of CO₂ equivalent and share of total GHG emissions in EU27) 26
Figure 4. Actual investments between 2011 and 2021 (average) 31
Figure 5. Investment needs baseline 2021-2030 (average) 32
Figure 6. Investment needs mix, 2050 scenario 33
Figure 7. Investments in residential housing sector (in real 2015 EUR billion) 34
Boxes
Box 1. Main barriers for SMEs to access capital markets 14
Box 2. Commission's Communication - 'Fit for 55' delivering on the EU's 2030 climate target 27