Financing the Renovation Wave: boosting jobs and energy savings in the EU
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.