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1.4 trillion euros for climate-friendly restructuring – where is the solution?
A study shows that 1.4 trillion euros are needed to convert German residential properties to climate-friendly standards by 2050.
1.4 trillion euros for climate-friendly restructuring – where is the solution?
A current study shows that around 1.4 trillion euros will be required for the climate-friendly conversion of all German residential properties by 2050. This investment is necessary to reduce the high CO2 emissions from residential buildings, which currently cause around 14 percent of all CO2 emissions in Germany, without taking indirect emissions into account. The initiative requires a comprehensive commitment, including both financial resources and political support. Stuttgart News reports that part of the solution lies in the implementation of the Building Energy Act, which stipulates that from now on, newly installed heating systems must be powered by at least 65 percent renewable energy.
Nevertheless, there are political uncertainties. While the coalition partners CDU, CSU and SPD originally planned to abolish the Building Energy Act in the coalition agreement, it is currently unclear what new regulations will follow in this regard. The necessary investments in the four largest European economies – Germany, France, Italy and Spain – amount to around 3 trillion euros. Around half of this comes from the German housing sector, which underlines the urgency of action.
Economic impact and labor market
A climate-friendly conversion could not only have environmental but also economic effects. Real estate prices could rise by around 0.5 percentage points. At the same time, it is expected that value creation in the real estate industry could increase by one trillion euros by 2050. In addition, these measures could create around 107,000 new jobs, which would reduce the unemployment rate by around 0.2 percentage points. However, these optimizations require a mix of higher CO2 prices, financial support and improved political frameworks.
The CO2 price is currently 55 euros per ton, but in order to achieve significant cost savings, these prices would have to be increased to over 300 euros per ton. These measures are crucial to achieving Germany's climate goals and sustainably reducing emissions. Fraunhofer ISI has also published further analyzes of the savings potential, which illustrate the need for such measures.