UK energy efficiency push offers just a third of the investment needed, says report

The government’s new plans to upgrade the energy efficiency of homes will make only a fraction of the progress needed to help the UK meet its legally binding climate targets, according to a new study.

A report by IPPR, a left-leaning thinktank, has found at least 12 million homes will need to be fitted with low-carbon heat pumps and energy efficiency measures, such as insulation, over the next 30 years for the UK to meet its net zero targets.

However, Rishi Sunak’s pledge to fund a new energy efficiency plan with GBP3bn of spending is less than a third of the investment needed, and its plans to install heat pumps will deliver less than 2% of the number required, according to the report.

Joshua Emden, a researcher at IPPR, said the government’s focus on energy efficiency in the recent summer statement should be paired with low carbon heating technologies, such as heat pumps, to “maximise the potential for savings on energy bills” and carbon emissions.

By throwing its weight behind heat pumps now, the industry will be able to focus on the challenge of fitting the low-carbon tech to homes across the country, and begin creating new jobs and apprenticeships by training new workers, he said.

The UK’s draughty homes would need spending of more thanGBP10.6bn a year from both public and private investment until 2030 to meet the UK’s target to reduce carbon emissions. A further GBP7bn a year will be needed between 2030 to 2050 to meet the UK’s legally binding commitment to create a net zero carbon economy by 2050.

IPPR said the extra investment would also bring “considerable rewards beyond helping to tackle the climate crisis“, including the creation of 275,000 jobs in England alone and lower energy bills for households.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.

Please Enter Your Email Address:




Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

RoboForex Offers Sponsored VPS on MT5 Accounts

RoboForex is launching a program of Sponsored VPS for those of you who have MetaTrader 5 accounts. Starting September 1st through December 31st, feel...

Legal action threatened over Boris Johnson’s ‘unlawful’ green recovery plans

Boris Johnson's much-vaunted green recovery plans are inadequate and "clearly unlawful" as they do not match up to the government's legal obligations under the...

Could Microsoft’s climate crisis ‘moonshot’ plan really work?

Microsoft drew widespread praise in January this year after Brad Smith, the company's president, announced their climate "moonshot". While other corporate giants, such as Amazon...

Forest fire season is coming. How can we stop the Amazon burning?

We found the first fire without looking, crackling and roaring on farmland beside the busy Amazon highway, the flames consuming a road sign with...

Littering unpunished by many councils in England and Wales

Campaigners call for penalties to rise to £1,000 after FOI data reveals lack of punitive actionMost councils issue less than one fine a week...