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Climate Adaptation

EU Wants to Use Green Stimulus To Clean Up CO2-Spewing Buildings

European Commission to unveil strategy on buildings renovation
Buildings account for more than a third of European emissions

The business district in Brussels, Belgium. — The business district in Brussels, Belgium.
Photographer: Jasper Juinen/Bloomberg

By

Jess Shankleman and

Alberto Nardelli

October 10, 2020, 7:31 AM UTC

The European Union wants to at least double the pace of renovation of homes and offices over the coming decade in a bid to save more energy and meet stricter climate goals under a sweeping green overhaul.

The Renovation Wave strategy, to be unveiled by the European Commission on Wednesday, will outline steps needed to accelerate upgrades of more than 200 million existing buildings -- including insulation and change of heating equipment -- at a cost of nearly 300 billion euros ($355 billion) per year, according to draft EU documents seen by Bloomberg News.