Campaigners push EU-backed ‘renovation loan’ to decarbonise buildings

(EurActiv, 5 Dec 2022) Buildings are a challenge to decarbonise because of the high upfront investment associated with renovation, but campaigners say new financial instruments could help fix this.

Europe’s 130 million buildings – mostly private homes and apartment blocks – are responsible for 36% of the EU’s CO2 emissions and 40% of its energy consumption.

And renovating those to make them zero-emission, in line with EU climate objectives, is a massive challenge.

“Now we really have to kickstart massive renovation,” explained Luxembourg’s energy minister Claude Turmes at the November launch of the EU Renovation Loan, a new financial instrument to help boost renovation.

Turmes cited one key lever to boost renovation: standardisation, including when it comes to financing and the training of skilled workers.

“Today, it’s too burdensome to get finance,” the minister underlined.

In 2020, the European Commission launched its Renovation Wave, an initiative designed to double the rate of deep renovations in the EU to about 2% of the building stock every year.

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EurActiv, 5 Dec 2022: Campaigners push EU-backed ‘renovation loan’ to decarbonise buildings