Oliver Rapf is the executive director of Brussels-based think-tank Buildings Performance Institute Europe(BPIE).

"It is common knowledge in the energy and climate change community that there is enormous potential for reducing the energy consumed by Europe's building stock. With the right policy framework and action by member states, massive savings could be made of the order of 68-71% by 2050, according to the study 'Europe's Buildings under the Microscope' produced by the Buildings Performance Institute Europe (BPIE).

Appropriate action would not only put money back in the pockets of Europe's citizens, but would also create much-needed jobs, reduce levels of dangerous greenhouse gases and improve energy security.