3FOOD

Third Industrial Revolution Consulting Group
to date. 342,000 apartments were retrofitted, creating 25,000 new jobs and saving 116,000
existing jobs, or more than 141,000 new
or saved jobs. 98
Each one million dollars of spending on
the manufacture and installation of
envelope improvements generates 16.3
jobs when adding together direct
employment, indirect employment, and
induced employment. Each one million
dollars of spending on HVAC
improvements generates 13.3 direct,
indirect, and induced jobs. Each one
million dollars of spending on LED lighting
creates 12.9 direct, indirect, and induced
jobs. Each one million dollars of spending
on Internet of Things technologies fosters
13.0 direct, indirect, and induced jobs. 99
Most of the existing 145,000 buildings in
Luxembourg will need to be retrofitted in
the coming decades. Luxembourg is
already gearing up to engage in the
largest retrofitting project in history. The
initiative will create tens of thousands of
new jobs while saving tens of thousands
of existing jobs in the manufacturing,
engineering, construction, and real estate
sectors.
Fig. 1: Old and new buildings in Luxembourg City
Fig. 2: Historical facades in Luxembourg
Financing the transition of Luxembourg’s building stock to thousands of nodes that serve as
data centers, micro power generating plants, storage sites, and automated transport hubs, will
be financed and executed by a unique new business model called Energy Service Companies
(ESCOs) and a novel financial instrument known as Energy Performance Contracts, also called
Shared Savings Agreements. ESCOs finance the retrofits of buildings, the installation of
98 See: http://warming.apps01.yorku.ca/wp-content/uploads/WP_2011-04_Calvert_Climate-Change-Construction-
Labour-in-Europe.pdf
99 Garrett-Peltier, Heidi. “Employment Estimates for Energy Efficiency Retrofits of Commercial Buildings.” Political
Economy Research Institute. 2011.
123