In an agreement reached by more than 100 countries, world leaders at the COP28 summit announced a landmark deal today, which aims to triple renewable energy capacity globally and double the global average annual rate of energy efficiency improvements by 2030.
In addition, the deal also outlines plans to rapidly phase down unabated coal usage and accelerate efforts globally towards net zero emissions energy systems, utilising zero and low carbon fuels.
Sultan Al Jaber, summit leader and minister of industry and advanced technology of the United Arab Emirates, said: “[The deal marks a] paradigm shift that has the potential to redefine our economies.”
However, with outdated housing stock accounting for a large portion of the nation’s total carbon emissions, the UK still has a long way to go when it comes to reaching net zero.
According to figures published by Lloyds Banking Group, 28 million residential and two million non-residential buildings account for approximately 17% of the country’s total carbon emissions.
In addition, the UK was reported to have some of the oldest housing stock in Europe.
In conjunction with new deadlines agreed at the COP28 summit, the mass acceleration of the energy efficiency upgrades is set to become a key issue in the property market going forward.
This followed Rishi Sunak’s decision to scrap upcoming Energy Performance Certificate legislation, which sought to improve the nation’s rental stock by forcing landlords to upgrade their properties to at least Band C by 2025.
Commenting on the U-turn, Sunak said: “Under current plans, some property owners would have been forced to make expensive upgrades in just two years’ time.
“While we will continue to subsidise energy efficiency, we’ll never force any household to do it.”
