Stimulating eco-sustainable home renovation to maximize social, environmental and economic impact on the balearic islands
REGENERATE galvanizes clean energy transition on the three Balearic Islands: Palma, Ibiza and Menorca by triggering an investment of €44M in eco-sustainable renovation of 3,000+ homes in 4 years. The Islands have an urgent need to transform their tourism-dependent economy into a resilient and green one, as they are especially vulnerable to climate change and are highly dependent on fossil fuels. The REGENERATE’s renovation formula combines a market-driven, people-centric support with affordable financing, via in local One-Stop-Shop renovation offices on each island. REGENERATE’s pipeline approach is grounded in the realities of the islands building stock, defined energy efficiency & renewable energy upgrades, residents’ ability and willingness to pay. Thus, a realistic assessment of the pipeline supports the design of a self-sustainable business model for the OSS offices and enables the financing instrument to raise private capital to invest in individual home renovation projects. Stimulating bottom-up demand is at the core of this approach; REGENERATE will build upon the existing citizen engagement strategies on the islands and enhance their reach and scope. The impact goes well beyond energy savings, by boosting health, wellbeing and comfort of families, resulting in the reduction of more than 25,727 tCO2-eq/year and creating more than 4,000 jobs, 5 years after the project is completed.