Buildings account for around 36% of the European Union's (EU’s) greenhouse gas emissions and for about 40% of its energy consumption. They are thus crucial for addressing climate change and for delivering the European Green Deal (EGD). Yet, many buildings across Europe need renovating to improve their sustainability. In response to this major challenge, the ‘Renovation Wave’ strategy aims to achieve 60% greenhouse gas emissions reductions in the building sector by 2030. This chapter analyses the logic of change and steering embedded in the Renovation Wave. It unpacks the extent to which the Renovation Wave builds on the logic of consequences and/or the logic of appropriateness. The chapter illustrates potential opportunities and challenges by focusing on the case of Germany, where buildings have long been subject to sustained, if insufficient, policy making. The conclusions reflect on the extent to which the metaphor of a ‘wave’ chimes with the vision of change in the Renovation Wave and what this means for the potential effectiveness of addressing the sustainability of Europe's building stock in the context of the EGD.