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• Energy renovation has a central role in the Croatian plan of climate change mitigation. • Almost 600 buildings with 16,400 apartments were renovated in Croatia in four years. • Renovations induce 32 jobs in Croatian economy per 1 million EUR of investments. • Total economic effects are 3 times higher than initial direct effects of investments. • Energy renovation reduces energy import dependency of the Croatian economy. The aim of this paper is to gain new knowledge on contributions of energy renovation of multi apartment buildings to economy and climate changes. The research methodology is based on applying the input–output model, which enables the analysis of direct, indirect and induced effects. The analysis was conducted on the sample of the Republic of Croatia. The reference research period is from 2017 to 2020. The results obtained confirm the existence of indirect socioeconomic effects of energy recovery projects which were justified by being co-funded from national budgets or EU structural funds. The growth induced by gross value added and employment positively effects the revenue from taxes and contributions, and by co-financing energy renovations they do not disturb the stability of public finances. The energy renovation of multi apartment buildings increases the energy sufficiency of the domestic economy due to the fact that the need for imported energy decreases throughout the entire life of the investment. A decrease in import dependency decreases the sensitivity of the economy from possible negative effects of the disorder on the world market of energy products. The obtained results show positive effects of energy renovation of multi apartment buildings on climate changes, primarily through the decrease of the amount of energy consumption in an energy renovated area and the decrease of harmful particle emission (CO 2). [ABSTRACT FROM AUTHOR]