Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.
The continent’s buildings urgently need upgrades to become more energy efficient, the European Commission will say today. The so-called “renovation wave” strategy is another brick in the wall of rules, guidelines and financing tools that will drive the transition to a zero-carbon economy, otherwise known as the European Green Deal. As we reported previously, the bad news is that the ambition to double the renovation rate of the continent’s building stock will cost a lot — some 275 billion euros a year in additional investment, by the Commission’s own estimates. The good news is that renovation has been identified as one of the “flagship” priorities of the recovery fund, meaning that governments will be forced to co-finance the expenses if they want to tap the proceeds from the jointly-backed pot.