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Time to create a Renovation Fund for all Europeans

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30th April 2020

The COVID-19 crisis has brought the EU to a crossroads. We have difficult choices to make and immediate recovery measures to develop. There is a real risk that COVID-19 could take the EU backwards to political fragmentation, economic stagnation and social breakdown. Alternatively, we can choose to launch common initiatives that will bind Europeans and the European Union closer together, provide the impetus for renewed economic activity shaped by the principles of the European Green Deal while addressing the inequalities in our society in an inclusive manner.


Among the Green Deal proposals is a call to “at least double” the annual energy renovation rate from its present rate of 1%. This “Renovation Wave” will stimulate a green recovery that is environmentally, economically and socially transformational.


The undersigned, partners in the Renovate Europe Campaign, call for the EU Recovery Plan to include a Renovation Fund for All Europeans to ensure that energy renovation of the EU building stock plays a central role in getting the EU back on its feet.


The EU construction industry alone is worth around 9% of EU GDP and employs more than 16 million Europeans. A focus on the deep energy renovation of buildings across the EU will kickstart our economies from the ground up. It will provide large-scale local employment while reinvigorating demand in those industries that supply the construction industry.


Every euro spent on deep energy renovation generates a multitude of ancillary societal benefits, including the creation of safe and healthy buildings. A renovation wave will create new global champions in clean technology, enabling the EU to lead the world in the energy transition.


At the same time, only the deep energy renovation of our buildings – at a 3% renovation rate per annum – will enable us to reach the EU’s goal of climate-neutrality by 2050.


Read the full letter in the pdf attached.