According to the latest report from the International Labour Organisation (ILO), the drive for revamping Europe's building stock has already had a profound impact on employment.

The building renovation programme for energy efficiency in Germany has mobilised €100 billion in investments, reducing energy bills, avoiding carbon dioxide emissions and creating around 300,000 direct jobs per year along the way, the ILO said.

The OECD too has lauded Germany as a leader in environmental policy, saying it has become "a laboratory for green growth".