The G20, the world's richest countries, are not renovating the building stock fast enough to meet the carbon reduction targets that were signed under the Paris Agreement. The G20 countries account for more than 80% of the global GDP.

Their energy policies strongly influence climate change and what the future of the planet will look like, according to this new report published by Oxford-based sustainability consultancy 3Keel for global insulation manufacturer Kingspan. It warns that the G20 is moving too slowly on retrofitting buildings and reducing carbon emissions.

The sector will need to achieve a 45% reduction in energy consumed per square meter by 2030, from the base year 2020. It will mean achieving a 50% reduction in direct emissions and a 60% reduction in indirect emissions by 2030.

This figure is well below the International Energy Agency (IEA) target of 2.5% by 2030. If we are to meet the commitments of net zero reduction by 2050.

In developed economies, 80% of the buildings that will be standing by 2050 have already been built. What does this mean? It means that policymakers face the daunting challenge of retrofitting the world's building stock.

Note to remember for Europe: EU countries are working on the revision of the energy performance of buildings directive to make buildings in the EU more energy efficient by 2030 and beyond. The main objectives of the new rules are:

• all new buildings should be zero-emission buildings by 2030
• existing buildings should be transformed into zero-emission buildings by 2050

According to the 3Keel report, Germany leads the way in retrofitting, followed by France. However, even these top performers are not making sufficient progress to reduce emissions in line with global zero emissions targets. Among G7 members, Canada, the United States and Japan rank at the bottom.

Key takeaways from the report:

• To meet global climate goals existing buildings must become zero carbon by 2050. The International Energy Agency says 20% of existing buildings should have an energy retrofit by 2030.
• In recent years many G20 countries have achieved some reduction in building-related emissions. However, they are all failing to reduce these emissions at the speed and scale required.
• In most countries retrofit policy and strategy is piecemeal and inadequate. However, EU countries have adopted wide-ranging policies on building retrofits that other countries can learn from.
• Even in the EU building emissions are falling too slowly, suggesting the need for more radical measures to transform this sector.
• Countries are not widely applying minimum standards of energy performance for existing buildings. Retrofit rates could get a major boost if such standards were required when buildings are rented, sold or renovated.
• Governments are not investing enough in adopting renewable energies for buildings, in adapting new, more efficient installations and in improving the overall energy efficiency of buildings: on average, only about 30 Euros is spent per person per year.
• Building retrofits can bring an impressive range of benefits, including: energy savings; poverty alleviation; job creation; improved human health and greater energy security. Countries should take full account of these when preparing building strategies and allocating funding.

The study concludes that while many G20 countries have achieved some reduction in building-related emissions, they are all failing to do so at the speed and scale required to achieve the 2050 net zero goals agreed at COP 21 under the Paris Agreement.

To get back on track, the sector’s energy intensity must drop five times quicker over the next decade than it did between 2015 and 2020. This will mean achieving a 50% cut in direct emissions and a 60% cut in indirect emissions by 2030.