Until 1980, there were no regulations regarding energy-efficient construction in Spain. As a result, the energy consumption in the majority of existing homes is not efficient. Making property more sustainable provides Spain with a number of important benefits.
Firstly, sustainable homes and offices contribute significantly to a better environment. Secondly, energy-efficient homes are better for the wallet and the health of the residents. Lastly, making Spanish real estate stock more sustainable means a major boost for local employment.
Well-insulated home good for mental and physical well-being
Now, according to ecological project agency Greenward Partners, 4 out of 5 homes or offices in Spain are not energy efficient. This means they are poorly insulated, have poor or no ventilation systems or other defects that causeprecious energy to be lost. At the current rate of 30,000 home renovations per year, the impact of poorly built homes extends beyond wasted energy. Studies show poorly insulated and ventilated homes have a negative impact on the physical and mental health of the residents.
Making real estate more sustainable is a positive impulse for Spain
With good insulation, well-adjusted heating and hot water systems, and sustainable energy installations such as solar panels, 50-80% of current energy consumption could be saved. As mentioned, this has benefits for the environment, public health, social inclusion and the wallet. In that respect, the €6billion from the European Emergency Fund Spain is investing in energy transition is a positive impulse for the country.
According to Davide Cannarozzi of GNE Finance, a public-private partnership is essential for making Spanish real estate more sustainable. Without this cooperation, housing renovation would only be for the wealthier part of the population. Eco-renovation of housing on the political agenda ensures social cohesion and a fairer distribution of wealth in the country.
In order to realise the inclusive energy transition in Spain, Fundación Repsol and GNE Finance are responsible for the planning of the sustainable renovation of homes. Their priority is for vulnerable neighbourhoods. Ultimately, millions of Spaniards should be able to benefit from this eco-renovation.
Fundación Repsol expects to be able to save more than 12,000 tons of CO2 annually in the next four years. They would also create more than 10,000 new jobs every year.