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Net Zero Property

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L p nal f worromot

L p nal f worromot

In 2019, the UK became the first major economy to set a legally binding target to achieve net zero carbon by 2050 with an interim target to reduce greenhouse gas emissions by 68% in 2030. The recent BPF paper explains that the UK property sector accounts for 25% of GHG emissions so has a pivotal role to play in helping the UK achieve 2050 net zero targets. Whilst growing momentum towards net zero carbon has led to significant commitments at global and national levels, the challenge of decarbonising the sector cannot be underestimated.

A lack of UK Government incentives and regulation has resulted in calls from the British Property Federation for an actionable set of policies to speed up transition. Despite the introduction of the EPC in 2008, insufficient energy consumption data remains another challenge. Such data is crucial for calculating a carbon baseline to inform realistic net zero targets/pathways and assess returns on investment for carbon reduction measures. Given that transition financing will largely come from the private sector, smart technology providing robust evidence on operational savings is vital to justify additional capital expenditure. Creating an environment where property owners have confidence to invest in net zero is a key step in speeding up the transition.

As with other sectors, skills and supply chain shortages impact investment, especially in the context of retrofitting. New builds are being prioritised suggesting there is a need to set different targets for retrofits to help address difficulties associated with older building stock. Retrofitting works can be significantly more complex and expensive.

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