Budget Announcement Sparks Hope for Green Retrofit, But Calls for More Action Persist
Posted by: electime 1st November 2024
In the wake of the recent Autumn Budget announcement, there is cautious optimism regarding the UK’s commitment to advancing its green retrofit agenda.
Steve Levy, MD, Shadow Industrial, said:
“Today’s announcement was a chance to re-energise the UK’s green retrofit agenda, and whilst tax incentives will go some way to encouraging businesses, further financial incentives are needed to shift the dial on gas energy use.
“This year’s Autumn Budget will no doubt cause pain points for businesses, notably increasing national insurance for employers, but it shouldn’t dampen spirits, just yet. “Those thinking of expanding and investing in alternative, low-carbon alternatives, should do so with gusto. Legislation is heading our way, with a commitment to growth, and the sooner businesses are prepared, the better.
“We know that the UK is at the forefront of tech innovation, we now need to see the government start delivering on its promises and give us the right tools and tax incentives to make meaningful change.”
Clare King, Head of Clean Energy at law firm Freeths for Utility Week, said:
“The government is continuing to build on momentum for its clean energy mission, with the Chancellor reconfirming support for green hydrogen projects in particular. Carbon capture and storage (CCUS) clusters, however, were mentioned twice in the Chancellor’s speech as the government continues to emphasise regional job creation from energy projects.
“Great British Energy (GBE) will initially draw on the National Wealth Fund’s pipeline of projects, which we expect will include gigafactories and port infrastructure, all from catalysing private investment. Therefore, in the longer term it will be interesting to see the extent to which GBE relies on co-investment with the private sector and the extent to which it will own and operate its own assets.”
A step in the right direction but more needs to be done, says Paul Smith, MD for NIBE:
“Yesterday’s budget featured some positives for the heat pump sector, including an increase in funding for the Boiler Upgrade Scheme for the next two years, announced earlier this month, and support to grow the heat pump manufacturing supply chain. Even with these positives, we are still way behind the rest of Europe when it comes to heat pumps and we echo the sentiment of the Heat Pump Association – more needs to be done to accelerate the electrification of heat if we are going to meet our legally binding net zero targets.
“Overall, it is crucial that UK homes become more efficient, to help reduce energy bills and ensure people are warm. Fuel poverty is a very real issue for many, and I was pleased to see an initial commitment to the Warm Homes Plan, with £3.4bn set aside over the next three years to decarbonise and improve the efficiency of existing housing stock and a pledge to build 1.5 million more homes. Heat pumps and other renewables are included this plan, helping to make low carbon technologies accessible for all. However, I would encourage our government to ensure that plans for the introduction of The Future Homes & Buildings Standards due in 2025 are seen through without delay.
“It’s time to pick up the pace in our transition from fossil fuels, I hope to see more focus on the ways we can achieve this in the years ahead as the first significant net zero milestones loom.”
