The UK’s clean energy goals are being threatened by slow investment in home efficiency measures such as heat pumps and better insulation, according to a think tank.
(Bloomberg) — The UK’s clean energy goals are being threatened by slow investment in home efficiency measures such as heat pumps and better insulation, according to a think tank.
The government needs to plug a £5.8 billion ($7.1 billion) gap in green home investment, the Institute for Public Policy Research said on Wednesday. It said that could be done by bringing forward planned investment by two years to now.
“Insulating and decarbonizing our leaky homes can cut bills, create jobs, level up the country, reduce energy demand and improve energy security,” said Josh Emden, the report’s lead author. “In the current cost-of-living crisis, the scale of investment now urgently needs to be commensurate with the scale of the benefits on offer, as well as the crises we face.”
The IPPR also called for a government service to give information and financial help for retrofitting homes.
The government, which targets a net-zero power sector by 2035 and aims to eliminate emissions by 2050, last week faced calls from Conservative former Energy Minister Chris Skidmore to accelerate plans for the transition. Britain isn’t doing enough to invest in projects that benefit the economy and climate, his review found.
UK Review Advises ‘Step Change’ in Approach to Climate Change
Chancellor Jeremy Hunt in November announced £6 billion of funding to insulate homes and upgrade boilers, investment that will help the UK’s green goals while also cutting household energy bills and reliance on imported fuel. But that isn’t due to come until 2025.
A parliamentary committee this month criticized previous attempts to roll out energy efficiency programs and said ministers should prioritize upgrading leaky housing. The cost of wasted energy for poorly insulated homes will total almost £13 billion in the two years through October 2024, the Local Government Association has said.
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