The Energy Efficiency Directive requires every EU country to establish a long-term strategy for mobilising investment in the energy efficient renovation of their building stock by 30 April 2014. According to the press release, the renovation strategies have the potential to ensure investment in European jobs and growth, and will help to deliver lower energy bills for struggling European citizens.

Renovate Europe is a political communications campaign aiming to reduce the energy demand of EU buildings by 80 per cent by 2050 compared to 2005. It claims that the greatest potential for energy savings in the EU is in its buildings, noting that out of the three highest energy consuming sectors (buildings, transport and industry), buildings consume the most. Renovate Europe also suggests that for every €1 invested by a government in renovations, there could be a return of €5 back to public finances.

The press release recommends that all national governments build lasting partnerships with industry and financial institutions and also establish strategies that genuinely engage national stakeholders and those who must deliver on the ground, saying that by utilising the expertise of the stakeholder community, it will ensure a shared long-term vision.           

The release also says that countries should be looking to develop ambitious strategies supported by clear milestone aims, adding that the technology already exists and industry is in a position where it is able to deliver, but long-term certainly is needed for the market to prosper.

Renovate Europe also notes that, if countries embrace the practice of energy efficient renovations, there is the potential to create up to two millions jobs across the EU. They also believe that by retrofitting Europe’s buildings, the EU would save the equivalent of four billion barrels of oil imports every year, as well as vastly reducing energy bills and cutting carbon emissions.

James Drinkwater, Senior Policy Advisor of the Europe Regional Network, said: "Governments around Europe cannot afford to miss the chance to improve their economies and the lives of those who live, learn and work in Europe's buildings. They must seize this opportunity."