How should Government funding best be spent? The energy and sustainability news website edie.net explored five worthy areas of Government funding after the announcement that £1bn is going into innovative, green research and development projects across the UK.
Of particular interest to us at PassivPod was point number 3: Greening the built environment
From edie.net’s article: ‘The £1bn opportunity: how new Government funding could spur the low-carbon transition’
In a bid to tackle the challenge of decarbonising the nation’s building stock, Prime Minister Theresa May has vowed to halve the energy use from new buildings by 2030, as part of the Government’s Industrial Strategy. The Government will also aim to halve the energy costs from the existing building stock – both domestically and commercially.
In a bid to achieve these aims, the Treasury has aside around £3.6bn of investment to upgrade around 500,000 homes through the Energy Company Obligation (ECO) scheme, while ministers last year struck an agreement with the construction industry to halve emissions in the built environment over the next eight years.
Nonetheless, the UK’s built environment sector, specifically the homebuilding sector, has been named by the CCC as a climate change laggard in the wake of the Government’s decisions to cancel plans to make new houses zero carbon and to axe home insulation incentives.
Similarly, new research from think tank IPPR has concluded that the nation will not meet its 2030 Fuel Poverty Strategy target of ensuring all fuel-poor homes are upgraded to an energy efficiency rating (EPC) of C by 2030 until the end of the century. This is due to the current pace of deployment under ECO, which is set to be formally re-launched for the period 2018-2022 later this year.
In the wake of these findings, campaigners have called on ministers to increase the ECO budget, which was recently cut by 40% to £640m.
The benefits of investment in greener buildings have been recognised by the Clean Growth Strategy, which notes that the market for investment in buildings that reduce emissions and are resilient to climate change in six key emerging economies in Asia has been estimated at more than $15trn up to 2030, according to the Climate Bonds Initiative.
You can read the full article here, including the other four areas in need of funding: carbon capture and storage (CCS); decarbonising heat; electrifying transport; recycling infrastructure improvements.
Want to invest? See our investment page.
Want a pod? Get in touch for more information.
Want to keep in touch? Follow us on Twitter at @PassivPod