In the framework of COVID-19 pandemic, the Jacques Delors Institute highlight that a European building stock renovation can trigger industrial production and employment.
As the institution explains in its report named “A Green Recovery Stimulus for a Post-COVID-19 Europe”, a threefold increase in the renovation rate, as deemed necessary by the Commission to achieve climate neutrality in 2050, could create 2 to 4 million new construction jobs in the coming years, in addition to associated jobs in the industry (production of materials, etc.).
Supporting the renovation of buildings would furthermore help save the estimated 6.5 million full-time employees of the construction sector who are involved in building renovation in the European Union.
As part of its “renovation wave”, the European Commission should engage building renovation companies to assess if EU firms are able to deliver more than 4 million deep renovations in the coming four years, and if so, then the level of ambition (and funding) could be increased accordingly.