London, 4th October – Retrofitting homes through insulation and installing heat pumps could improve GDP by £6.8 billion, according to a recent study by Cambridge Econometrics, commissioned by Greenpeace.
Analysts at Cambridge Econometrics revealed that adopting low-carbon heating technologies, energy efficiency measures, and shifting toward low-carbon fuels can lead to the creation of an estimated 138,400 jobs and boost GDP by £6.8bn.
Anthony Baker, Founder and CEO of Satellite Vu, commented:
“Rising energy bills and climate change are pressing issues which need urgent action, both of which can be addressed by the targeted deployment of funds for retrofitting projects. The challenge is a lack of up-to-date, accurate data to locate the country’s worst housing stock, which is holding back the UK’s net zero ambitions.”
“Utilising satellite technology, such as the thermal monitoring satellites due to be launched by Satellite Vu, can provide this vital data and act as the world’s global thermometer in order to advise targeted retrofitting action. As highlighted by Cambridge Econometrics, measures such as insulation and heat pumps can have a significant impact on reducing the carbon emissions output of buildings, which helps towards net zero targets, boosting the economy, and combating rising energy bills.”
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“With this data, local authorities can locate properties most in need and put in place grant funding and construction companies to help building owners and landlords to level up houses to achieve net zero and be compliant with government targets” he continued.
The measures outlined by the study can also help reduce vulnerability to fuel poverty, improve the health and well-being of citizens, increase the number of job opportunities, and improve air quality.
Lord Deben, Chairman of the UK Committee on Climate Change, said:
“What we have to do for net zero is what we have to do for the cost-of-living crisis and when people say we can’t afford net zero, we frankly can’t afford not to go for net zero. That is where the Climate Change Committee has been so critical of the government, because we ought to have a major policy for improving people’s homes.”
“It’s never too late to do anything. Local authorities have got programmes already underway, they can extend those programmes pretty rapidly if they had the money to do so. Obviously, it would be better if they had started three months ago or six months ago, but the fact is they could do a lot.”
