UK businesses and charities are calling for an additional public capital investment of £1 billion (€1,1 billion) a year until 2035 which they say is vital to Britain reaching its 2050 net-zero emission and fuel poverty alleviation targets.
The call has been led by the Energy Efficiency Infrastructure Group (EEIG), with participants signing a declaration that calls for all UK political parties to prioritise investments in home energy efficiency, predicting the potential to slash domestic energy demand by at least 25% which will save the average household approximately £270 (€308) every year.
Signatories including industry stakeholders like Energy UK, E.ON, and CBI stress energy efficiency as the most efficient means by which decarbonisation of the UK economy, with the potential to deliver net benefits in excess of €57 billion to households, businesses and government.
The EEIG has also noted the dropping rate of home insulation measures, which have decreased by 95% since 2012, and stress that the number of homes being upgraded to become more efficient each year needs to rise from 170,000 to 1.2 million.
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Alasdair MacEwen, Spokesperson for the Energy Efficiency Infrastructure Group, said: “Achieving net-zero emissions cost-effectively is simply impossible without a huge cut in energy demand.
“Whether any political party is prepared to do this is the litmus test of whether it is serious about achieving net-zero emissions. It can only be achieved if we treat the decarbonisation of homes as the UK’s number one infrastructure priority.”