New UK Energy Efficiency investment is welcome, but is it enough to reach net zero targets?
Rishi Sunak’s pledge to fund a new energy efficiency plan with £3bn 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.
The new Energy Efficiency plan
At least 12 million homes will need to be fitted with energy efficiency measures, such as insulation over the next 30 years for the UK to meet its net zero targets.
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 report by IPPR.
Rishi Sunak’s pledge to fund a new energy efficiency plan with £3bn 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.
The UK’s draughty homes would need spending of more than£10.6bn a year from both public and private investment until 2030 to meet the UK’s target to reduce carbon emissions. A further £7bn 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.
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Hannah Jones
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