Renovation will create new jobs
The IEA estimates that between nine and 30 new jobs would be created in the construction sector for every million dollars invested in energy efficient renovation.
“Targeting support to social housing and government buildings in the first instance could kick-start efficiency improvement works, creating a pipeline of projects for the industry,” says the IEA. “Investment in building energy efficiency would reduce energy bills, reduce energy poverty, improve health and comfort and improve resilience in the face of climate events and price shocks.”
The IEA also highlights the importance of significantly increasing annual renovation rates from around 1% and carrying out deep renovation measures including double glazing and insulation installation as well as installing heat pumps and digital energy management systems.
‘A once-in-a-lifetime opportunity’
Among the IEA’s policy proposals are incentives for renovation improvements; a focus on those impacted hardest by the crisis such as low-income houses as well as public buildings such as schools and social housing; guarantees to energy service companies to invest in renovation and the acceleration of national efficiency programmes.
Launching the recovery plan, IEA Executive Director Fatih Birol said: “Governments have a once-in-a-lifetime opportunity to reboot their economies and bring a wave of new employment opportunities while accelerating the shift to a cleaner energy future.
“Policy makers are making huge consequential decisions in a very short space of time. Our plan provides them with rigorous analysis and clear advice on how to tackle today’s major economic, energy and climate challenges. The plan is not intended to tell governments what they must do. It seeks to show them what they can do.”
Click here to read the IEA’s recovery plan in full.