The Belgian National Bank (BNB) estimates that the country must invest at least €10 billion per year in insulation works if it hopes to meet its climate objectives, L'Echo reports.
Current investments in green energy transition are not enough for Belgium to meet its goal of becoming a carbon-neutral society by 2050; the Belgian National Bank (BNB) asserts that adapting buildings to be more energy-efficient should be a top priority.
"There needs to be a real boom in investments in building insulation if we are to achieve our climate targets. But we're not seeing it on the ground. Things are moving in the right direction, but not fast enough and not strong enough," BNB governor, Pierre Wunsch, said in a presentation of projections for the Belgian economy on Friday.
According to Geert Langenus, an economist at the BNB, the country must invest €10 to €16 billion more in renovation works per year. These are conservative estimates, the economist explained to L'Echo, which amount to an increase of 30% to 50% from current investments.
From now until 2050, the Belgian State should spend €350 billion to equip buildings with the highest energy-saving qualification that would give buildings an EPB A certificate (Energy Performance of Buildings is the standard certificate for energy efficiency).
Greenhouse gas emissions from buildings account for almost 40% of global emissions, due to heating, cooling and lighting rooms. Insulating buildings to better maintain heat is essential for a transition towards green energy.
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Belgium's financial entities offer various bonuses for citizens who insulate their homes to be more energy-efficient. In Brussels, there is a budget of €45 million for energy-saving home and building renovations. After 7,500 bonuses had been granted in 2023, this year's budget is nearly exhausted, Le Soir reported in May.
By 2025, the Belgian capital must see 500,000 buildings renovated for more energy-efficient standards.
Recently, works have started to refurbish social housing buildings in Brussels. The works on 78 buildings are set to finish in 2025 and are estimated to reduce tenants' heating consumption by an average of 65% and cut CO2 emissions into the atmosphere by 61%.
