The EU lacks 1.6 million trained professionals to meet its climate targets, according to a report from management consultant McKinsey.
The study also found that supply chain issues were hindering EU member states from carrying out necessary construction work. For example, China supplies 98% of some of the EU’s solar components.
It said renovation should be increased 15-fold and the rate of solar installation should increase 150%.
Around 54% of Europe’s building stock is rated as being poorly insulated.
It added that 132 heat-pump factories were required, producing a total of 100,000 units a year.
The report called for fossil-based industries to retrain employees, for governments to lower the cost of green technologies and for an increase in private investment to boost the recycling and decarbonisation of materials.
Gustav Bolin, McKinsey’s associate partner, said: “Creating new European supply chains in home installations would not only help meet EU climate targets but create new business opportunities from production and assembly to distribution and installation.
“Our analysis indicates there is a potential €300bn addressable market for distribution and installation services, and green financing could be worth over €300bn a year by 2030.”
The “Refurbishing Europe” report can be read here.