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Seneca ESG
- March 23, 2023
The British government has announced GBP1.8bn (USD2.2bn) in financial allocation for increasing energy efficiency and cutting emissions in homes and public buildings throughout England, as reported by Reuters on March 21. Among the GBP1.8bn package, the Social Housing Decarbonization Fund and Home Upgrade Grant will offer GBP1.4bn to fund energy-saving measures ranging from loft insulation to new windows, and will target vulnerable households and off-gas grid homes with an energy performance certificate (EPC) rating of D or lower, potentially saving tenants between GBP220 and GBP400 annually on energy costs. Additionally, a further GBP409m has been granted under the Public Sector Decarbonization Scheme to help public sector buildings such as schools and hospitals lowering their carbon emissions.
The GBP1.8bn funding scheme aims to save energy bills for more than 115,000 homes across England by implementing various energy-saving measures, including exterior wall insulation, cavity wall insulation, loft insulation, new windows and doors, draft proofing measures, as well as installing heat pumps and solar panels. The initiative also supports the UK government’s pledge, made in 2021, to reduce emissions from public sector buildings by 75% by 2037, compared to 2017 levels. To ensure energy security and achieve climate targets, the government proposed a plan in November 2022 to reduce energy consumption from buildings and industries by 15% in the next eight years, up to 2030. Similarly, Germany and France have also set out plans to reduce energy consumption and enhance the efficiency of buildings, following the energy crisis across Europe as a result of the Russian invasion of Ukraine.
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