The Great Reset: New EU law on mandatory climate renovations could spell the end of property ownership in Europe

"The European Parliament has now voted in favour for mandatory renovations for about 35 million properties across Europe.

"This means that all residential buildings need to achieve at least energy efficiency class E by 2030, followed by class D by 2033. So this is exactly what I mentioned during my earlier video here. Now the draft law has been put into actual European Law and therefore the member countries are required to implement this.

"The article further states that the climate neutral conversion of buildings in Germany alone would cost about 254 billion euros. Tenants and particular the owner of these properties would have to pay this implementation. So as we all feared before. They can just make a law and force everybody to renovate their house. Even if this will not be feasible for many old buildings. At least they have proposed a funding budget for this but most likely this will be in form of loans.

"But those would have to be repaid eventually. So at the end of the day, the property owners will most likely still have to carry the financial burden of this.

"As far as I understand this process, the next step is that the EU states and the European Parliament have to agree on how this gets actually implemented for each member country. These negotiations usually last at least several months. Changes are therefore still possible but will probably just be of minor nature.

"So unfortunately it does not look too good for property owners in Europe."