The voluntary approach to energy efficiency in buildings is not working and legislation is needed.
That’s according to the global businesses making up the Prince of Wales’ Corporate Leaders Group, which say although there are enormous opportunities to make Europe’s buildings more energy efficient, create jobs and reduce carbon emissions, current policy is not ambitious enough,
Companies including EDF, Coca-Cola and Tesco have called for member states to legislate to ensure renovation happens, which they claim would need to happen at a rate of 23,000 homes every day until 2050, if international climate obligations are to be achieved.
The group says buildings are responsible for 40% of energy consumption and 36% of carbon dioxide emissions in the EU, with roughly 97% of building stock being rated as energy inefficient.
Eliot Whittington, Acting Director of the Corporate Leaders Group, said: “There is a huge opportunity here but governments are failing to take it.
“Voluntary measures are not working and we won’t get the benefits on the scale needed unless governments make more energy efficiency measures compulsory.”