WWF today published a report from Cambridge Econometrics that sets out the value that reducing carbon emissions will bring to the UK economy. The action needed to meet the UK’s 4th carbon budget, which will include significant investment in energy efficiency, will deliver 190,000 additional jobs, make households better off financially, provide new business opportunities and result in a net increase in annual Government revenue of £5.7bn by 2030.
Average net benefits to households will come close to offsetting the impact of increasing energy prices. These benefits will not be felt equally however, and the report notes that government needs therefore to target support at exposed or vulnerable groups. That is why we – and our allies in the End Fuel Poverty Coalition – are calling for the homes of all low income households to be improved to Energy Performance Certificate Band C by 2025. Improving homes to this standard will result in dramatic improvements to both the energy bill affordability and quality of life of their occupants.
The energy efficiency benefits set out in the WWF report can only be realised, however, if investors are confident in the market for energy efficiency goods and services: a government commitment to making energy efficiency a top infrastructure priority is key to this, together with long-term, rigorously enforced regulation of the energy efficiency of buildings.