In the European Union, the construction sector accounts for half of all raw materials used, one third of all waste generated and 40% of final energy consumption occurs in buildings. To achieve the goals of the European Green Deal, there is a consensus within the policy formulating and research communities that construction industry stakeholders need to adopt production and operation approaches that eliminate waste and pollution, keep materials and components in use at their highest value and regenerate nature—in accordance with circular economy principles. This research involves an exploratory, qualitative content analysis of key Green Deal documents to identify risks associated with the green transition and to outline a research agenda for the analysis of these risks and their interdependencies. The research has implications for industry stakeholders and policy makers as it highlights areas in which existing policies may give rise to unintended consequences.