In summer 2020, the European Commission launched the Renovation Wave Initiative as an important building block of the European Green Deal. The aim is to at least double the renovation rates of public and private buildings over the next ten years and to promote deeper renovations. Together with the decarbonization of heat supply, this should enable a significant reduction in direct greenhouse gas emissions in the building sector by 2030. The new discussion paper places the Renovation Wave in its political context, analyzes its main elements with a view to the overall goal of a climate-neutral building stock in 2050, and identifies options for action for revisions of relevant guidelines.