The aim of this paper is to explore the possibilities to reach two long-term targets regarding energy consumption and greenhouse gas emissions of the Swiss residential building stock: a reduction of the final energy consumption by a factor of 3 and of CO2 emissions by a factor of 5 until 2050. A model is constructed to describe the dynamics of the energy-relevant properties of the residential building stock. Appropriate scenarios are discussed in terms of decisions made during construction or renovation of residential buildings which affect heat demand and determine the energy carriers used for heating and hot water generation. We show that both targets could be reached, although ambitious efforts are necessary. The central element of a successful strategy is to reduce the specific heat demand of existing buildings during renovation and to substitute the heating and hot water systems by less carbon intensive ones. Our results suggest that there is more flexibility to reach the emission target than the energy reduction target. (c) 2006 Elsevier Ltd. All rights reserved.