The UK Government is being urged to seize the “major” economic, environmental and political opportunities presented by retrofitting homes.
Following a presentation to ministers and MPs last week, Bankers for Net Zero (BfNZ) has published a set of recommendations it claims will save UK households £7.5 billion a year by making them more energy efficient.
Other benefits could include the creation of over 150,000 jobs by 2030 and an end to fuel poverty, all while meeting ambitious emissions targets.
By deep retrofitting homes and offices, BfNZ said that their carbon footprints would be reduced by at least 50%.
It called for a “bold, long-term” national strategy to drive down the costs of retrofits, increase the value of retrofitted properties and incentivise more private finance to provide the capital needed.
BfNZ is an initiative that brings together banking leaders, businesses, as well as local and national government – participants includes Barclays, ClearBank and Ecology.
Munish Datta, director of membership & operations at UK Green Building Council, said: “UKGBC firmly supports holistic building retrofit as a national priority and is convinced that the combined total benefit of the recommendations set out in this paper could be significantly greater than the sum of their parts.
“We look forward to continuing working with our >530 members and Bankers for Net Zero to keep demonstrating the ever strengthening case for building retrofit.”
Paul Ellis, CEO at Ecology Building Society, added: “This important briefing shows how, with COP26 taking place later this year, a Government-led National Retrofit Strategy is urgently needed to kickstart the retrofit revolution required to reach the UK Government’s goal of net zero emissions by 2050 and help create jobs.
“We’d like to see this deliver a wide-ranging package of measures to support green building including: fiscal incentives such as stamp duty reform to incentivise greener homes; slashing VAT on renovations; tightening building regulations; building the retrofit supply chain and driving the market for green finance.”
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