The renovation of the EU's building stock is key to reach climate neutrality by 2050 and to boost employment in the post COVID-19 recovery. While 75% of existing buildings in the EU are considered energy inefficient, only 1% currently undergoes renovation each year. Buildings account for 40% of Europe's energy consumption and 36% of greenhouse gas emissions (GHG). It is estimated that the Renovation Wave can create an additional 160 000 jobs in the construction sector by 2030. The COVID-19 health crisis has amplified the need to improve our buildings and to eradicate energy poverty, which still affects some 40 million citizens in the EU.