Current estimates suggest that buildings consume around 40% of the world’s energy and contribute 40% of global carbon emissions.
But the report by Deutsche Bank Climate Change Advisors (DBCCA) and The Rockefeller Foundation calculates that an investment of around $279 billion in retrofitting residential, commercial and institutional buildings could generate savings of over $1 trillion within a decade.
Retrofitting US building stock would also reduce the country’s emissions by almost 10% and its energy spend by 30%, while creating much needed work in the construction sector.
“Proven technologies to retrofit buildings can both conserve energy and – even more importantly in these difficult economic times – have the potential to create a large number of jobs,” says Judith Rodin, president of The Rockefeller Foundation. “With the release of this new report, outlining both the investment and job opportunities, I am increasingly hopeful that this market can achieve its full potential.”