Investments in energy efficiency improvements are vital to ensure Europe’s future as a sustainable, yet prosperous economy. The benefits are enormous: these investments contribute to abating greenhouse gas emissions, improving the competitiveness of European businesses, and enhancing Europe’s energy security. This is why European leaders are placing energy efficiency at the heart of their strategy to make Europe the first climate-neutral continent by 2050.Yet, amid the COVID-19 crisis, there is a great risk of losing sight of the benefits of energy efficiency investments by European firms, just at a time when we really must accelerate our efforts. Because of the crisis, businesses and policy-makers are prioritising short-term measures to ensure that firms survive, rather than investing for the long-term. At the same time, the collapse of global energy prices has weakened incentives for green energy investments of all kinds, including energy efficiency.