One focus of investment under this priority, especially during the first period of the plan, will be in energy savings in the building stock of public utilities. The ownership structure
of these utilities provides clear incentives for triggering energy savings from efficiency gains, and hence creates clear incentives for avoiding rebound effects. The European building stock is in need of a serious investment programme. Roughly 40 per cent of EU energy demand comes from buildings, and Europe could save up to €270 billion a year in energy costs through retrofitting buildings. Such a retrofitting programme could createover 530.000 local stable jobs in Europe. Under the Green Investment Plan, this
program will be tailored so as to address the urgent social need of combatting
energy poverty. In this context, a significant part of public resources will be
directed as outright transfers to providers of social housing and public authorities
providing social services such as schools, universities or hospitals, in particular in
Member States most affected by the crisis.