The UK Government Mulls A £3 Billion Package for Energy-Efficient Buildings

Summary

• The green investment package is being earmarked for the purpose of improving the insulation in public buildings and British homes to improve their energy efficiency
• In 2019, the UK became the first country to pass a law that requires the country to reduce its emission to zero by 2050.
• The government has taken several measures in the past two decades to decrease the country’s carbon footprint; this latest measure could cut down UK’s carbon emissions by a fifth

The Chancellor of the exchequer Rishi Sunak will reportedly be announcing a new investment proposal to improve the energy efficiency of British public buildings and households. In a bid to further the country’s objective to make itself carbon neutral by 2050, the government’s latest measure is targeted towards reducing carbon emissions at the grass-root level. A sum of £3 billion is earmarked for this purpose and will not only reduce individual carbon emission levels but will also improve the overall quality of life of ordinary Britons. The investment which is part of the governments COVID- 19 economic recovery plan will also aid in the creation of more than 100,000 green jobs in the country, which in the current situation will be a big respite as the country reels under a severe unemployment crisis.

The case for improving quality of life while reducing carbon emissions

British public buildings and homes spend a significant amount of resources for heating, which contributes nearly 20 per cent of all carbon emissions in the country. Upgrading the way these buildings and houses are insulated will not only make them more thermally efficient but will also significantly cut down on the heating expenses of the country. For individual households, it will lead to significant savings while also improving their quality of life. Green solutions thus innovated will also help the country cut down on its use of natural gas, and fuel oils which are commonly used for heating purposes. Phasing out such fuel resources has been one of the long-term objectives of the government, and it has also implemented several programmes to reduce the country's dependence on fossil fuels in the last two decades. The country has shut down its last of coal-fired power plants and is rapidly phasing out fuel-guzzling vehicles. Wind energy, solar energy, biomass energy and biomethane are rapidly replacing fossil fuel resources and LED lighting technology, and lithium-ion batteries are rapidly improving the capabilities to get more work done with less amount of energy.

The case for a green recovery post the coronavirus crisis, and creation of green jobs

It has been suggested by the International Monetary Fund (IMF) that the United Kingdom should use coronavirus pandemic slowdown to its advantage and rebuild the country and its economy to be more energy-efficient and environmentally friendly. The old development model where the country used fossil fuel energy sources to fuel its growth has now become unsustainable. A new development model which accentuates on energy efficiency is urgently required if the economy must go forward from here. The present government when it was campaigning for the elections, had made promises to spend extensively to improve the country’s infrastructure, retrain people and create more employment opportunities so that the country retains its competitive position among other developed countries. Spending on transforming the country to be more energy efficient will also create opportunities for enterprises who are currently working on novel green energy and carbon reduction technologies. They will continue to invest in their research and development activities and expand their businesses more rapidly. Such businesses will not only help the country reduce its carbon footprint but will also help create thousands of jobs in a newly evolving sector when most other sectors are considering laying off staff due to the crisis they are facing because of the pandemic. However, the most important benefit the country will derive by investing in carbon reduction initiatives is the reduction in the implicit cost that it has been bearing because of environmental degradation, which if not checked in time would severely undermine the country’s development process.

The country's long-term plan to reach net-zero emissions by 2050

The UK has taken several measures to reduce its dependence on highly polluting fossil fuels. The country, while it was a part of the European Union, was bound by its regulations and had committed to making itself carbon neutral in a time framed manner. Over the past two decades, investments in solar photovoltaic cells and wind turbines have increased significantly and so have the proportions of electric vehicles plying across the country. Amongst the largest British companies, BP and Tesco have pledged to make themselves carbon neutral in a time framed manner and have also pledged to invest in small and upcoming businesses in the renewable energy sector.

In 2019 the United Kingdom became the first country to pass a law that requires the country to reduce its emission to zero by 2050. While the country had already achieved a huge success in reducing its emission levels in the past two decades, the current legislation takes it a step further and puts the country ahead of all in its efforts to address the environment protection cause.

The UK's commitment to the cause of environment protection and preservation is undeterred. Even during these times of the coronavirus pandemic, the country is making a commitment of £3 billion to this cause, goes on to shows how serious the government is towards the fulfilments of its objectives. The coronavirus pandemic, however, has created severe financial stress to most of the businesses in the country. Several of these businesses who had previously committed investments worth millions, towards carbon reduction initiatives and development of green energy resources are now either postponing their investments or are planning to shelve them altogether. People involved with the environmental protection clause in the country have pointed out that it will a major setback in terms of the slowdown in momentum, that had been set the pace over the last two decades.

To conclude, it can be said that the current move of the government is a welcome move, which will not only reduce individual carbon emission levels but will also instil in people a sense of responsibility towards environment protection. However, it is equally important that the major environmental projects that have been running for a long time do not suffer for the lack of funds. Considering this as the highest priority the government should now step in to provide the necessary resources; otherwise, gains that had been made over several decades will be lost.