Decarbonization of residential buildings will cost more than 26 billion euros

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The decarbonization of residential buildings in Portugal implies an investment of more than 26 billion euros, indicates a study by the environmental association Zero released today.

The figures were calculated taking into account three variables: ending fossil fuel consumption, reducing biomass consumption in homes and energy efficiency.

In addition to the three items, to achieve decarbonization Zero also points to a fourth, which is to increase the consumption of energy from renewable sources.

Eliminating fossil fuel consumption will require between 12.2 and 14.2 billion euros, ranging from the widespread use of heat pumps for domestic heating, including water, to the widespread use of induction hobs for the kitchen. Zero’s calculations include the number of pieces of equipment required, such as the need for 578,000 electric ovens.

In the “significant reduction of biomass consumption” (wood for boilers, stoves and fireplaces) the investment would essentially be in multifunction heat pumps and would range between 7.5 and 7.8 billion euros.

The estimated figure for increasing energy efficiency is 6.4 billion, of which 67 million for the purchase of 22 million LED light bulbs.

The total investment would represent, note the authors of the study, between 26.2 and 28.5 billion euros, respectively 11% and 12% of the national GDP in 2022 (239 billion euros).

Zero’s study, as part of the European Climate Foundation’s project on sustainable buildings and energy poverty, analyzed data from the National Statistics Institute and the Directorate General for Energy and Geology, and data presented in the 2020 Household Energy Consumption Survey.

In the document, the environmental association considers that decarbonization is possible but will be an ambitious task, given that “more than 70% of buildings are not energy efficient”.

In a statement on the study, Zero notes that the main basis for decarbonization should be the renovation of buildings, the reduction of energy needs and the improvement of environmental comfort, so measures and investment should prioritize, whenever possible, the improvement of energy performance.

“We need to be ambitious, but we also need all sectors and the population to have the necessary support for the energy transition to be carried out quickly, fairly and effectively,” the association stresses.

Iris Lavan
Iris Lavan
With a background as a consultant in the medical industry, Iris Lavan brings a wealth of knowledge and expertise to Portugal Pulse. Iris also runs a company in Tel Aviv offering marketing, business development, content creation and public relations services. She holds a degree in economics and management, giving her a solid grounding in business strategy and financial planning. Iris' commitment to Portugal Pulse is reflected not only in her consulting career, but also in her impact on the Portugale media landscape in Israel. She was an interviewer for Hadshot Portugal חדשות פורטוגל, a media outlet that broadcasts news about Portugal in Hebrew, where she provided valuable information on current affairs, healthcare and the economy. Since July 2023, Iris has also been part of the Portugal Pulse team.

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