UK Finance has called for a “strategic reset” on the Government’s plan for Net Zero homes, following the release of its new report Net Zero Homes: Time for a reset.
The report calls for a change in the way all actors, particularly the Government, deal with the number one policy issue facing future generations.
The recommendations tackle the climate change challenge, but critically provide solutions to rising energy bills and their effect on the cost of living.
David Postings, chief executive of UK Finance, said: “Climate change is the number one public policy priority facing this and future generations.
“The challenge we face means we can no longer just consider our options, but instead need to see strong action.
“In housing this means addressing the impact of heating the UK’s 28 million homes.
“Our new report sets out a range of recommendations to help deliver net zero in the UK’s housing stock, ranging from supporting vulnerable people with the costs of energy efficiency improvements to providing grants and subsidies to upskill tradespeople.
UK homes remain the least energy efficient in Europe, with heating of homes representing 14% of our total carbon emissions.
The Government has previously set out strategies to decarbonise the housing sector, and according to findings from the report, the lending industry is keen to work with them to develop more detailed plans on funding, timelines, capacity, and capability to deliver.
UK Finance’s report sets out a series of recommendations which broadly work within the key targets and measurement system laid down in the government’s Net Zero Strategy.
These recommendations seek to fire up the Net Zero homes agenda in a systematic way which does not disadvantage more vulnerable consumers, blight properties and bake in unnecessary costs.
Some of these recommendations include prioritising public funding to retrofit social housing, providing government grants to vulnerable populations, amending Stamp Duty Land Tax (SDLT) to incorporate the property’s energy demand and carbon emissions, as well as amending Energy Performance Certificates (EPC) so they are fit for purpose.
Postings added: “The banking and finance sector is playing, and will continue to play, a key part in facilitating the transition to net zero.
“The transition must be done in a fair way that that does not leave anyone behind, which is why we believe that in order to make real progress everyone must work together, led by clear, decisive and supportive Government action.”
