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Banks advise MPs that long-term retrofit strategy can cut emissions and deliver £7.5bn savings

Advisory group Bankers for Net Zero have published their recommendations for a long-term retrofit strategy to address carbon emissions and create jobs to support a green recovery.

Energy in the news – 17 March 2021

This week the Bankers for Net Zero group have given a recommendation to MPs calling for a ‘retrofit revolution’ that aims to drastically improve the energy performance of homes and workplaces across the UK. They presented the recommendations to MPs last week, and have now published them.

Their recommendation also warns that a short-term, piecemeal strategy (such as the recent Green Homes Grant) would not be beneficial, hindering attempts to encourage widespread retrofit, as well as reducing the amount of finance that institutions like theirs are willing to funnel into retrofitting efforts.

On the other hand, they outline that a long-term retrofit strategy would see £7.5 billion saved in energy costs annually, the creation of 150,000 jobs in green construction in 10 years, and a reduction in fuel poverty. Fully decarbonising our buildings would also address more than 20% of total carbon emissions, making a huge contribution to the country’s net zero aims.

Bankers for Net Zero is an initiative set up in July 2020, seeing banks lead discussions with businesses and government to unlock capital for a green recovery. Several banks have signed up to the initiative, including Barclays, Triodos, Handelsbanken and the Ecology Building Society.

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