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Fit for 55 Package

July 14 saw the release of the highly anticipated Fit for 55 Package in which the European Commission published an ambitious and extensive set of proposals aiming to make the EU's climate policies fit for reducing at least 55% of greenhouse emissions by 2030.

 
With the objective of making Europe the world’s first climate-neutral continent by 2050, the legislation proposed will have a major impact on a number of sectors including the building sector. CEPI is carefully examining the details as they relate to the work of real estate professionals. The proposal includes:

  • A separate new emission trading system (ETS) for buildings to address the lack of emissions reduction, with part of the new revenue to be dedicated to climate and energy-related projects
  • A regulation (the Effort Sharing Regulation) to achieve emission reduction targets for buildings
  • An amendment of the Renewable Energy Directive to accelerate the transition to a greener energy system with specific targets for the use of renewable energy in buildings
  • An annual target of 3% for the public sector on renovation of buildings to reduce overall energy use in the recast of the Energy Efficiency Directive.

The ambition of the European Commission is to make buildings more energy-efficient and encourage owners to opt for greener solutions in the drive to meet the challenges of climate transition facing the real estate sector.