It calls for collaboration and clear policies to tackle retrofitting barriers and meet 2035 emissions goals
Barclays has urged the UK government to take decisive action to decarbonise homes, warning that inaction could jeopardise the goal of reducing carbon emissions by 81% from 1990 levels by 2035.
Residential properties account for approximately 15% of the UK’s carbon emissions. While the government has committed to delivering a “Warm Homes Plan” to improve the energy efficiency of five million homes with an energy performance certificate (EPC) rating below ‘C’ by the next parliamentary term, Barclays has highlighted the need for further measures to address barriers to retrofitting.
A report from Barclays Property Insights, “Electrifying the Future: Boosting the Energy Efficiency of UK Homes,” calls on the government to develop a detailed and time-bound plan for heat-pump adoption and energy efficiency milestones, supported by a clear investment timeline.
It suggests the need for collaboration through a retrofitting delivery authority to address logistical challenges, as well as reforms to EPC methodology to include smart meter data and improve utility. The report also recommends consistent consumer protection standards to reduce risks for homeowners and a national public awareness campaign to promote the benefits of energy efficiency.
The research shows that while 70% of homeowners want their homes to be more energy-efficient, 35% are discouraged from making improvements due to a lack of understanding about which upgrades are suitable for their properties.
Many homeowners also expect government support, with 69% of financially capable respondents saying they would look to government grants and schemes as a funding source. Furthermore, 67% of homeowners believe it is the government’s responsibility to lead efforts to change how homes are heated and cooled.
“The UK is no stranger to taking bold policy and infrastructure decisions to drive a successful energy transition,” said Mark Arnold (pictured), head of mortgages and savings at Barclays. “In the 1970s, government and industry successfully joined forces to transform the nation’s gas supply, making the UK a world leader. It’s ambition and drive on this scale that we’re calling on the government to employ to electrify the UK’s homes.
“Importantly, this is not all about additional public spending commitments. It’s about increasing confidence and momentum. It’s about the government working hand-in-hand with industry to deliver systematic change to the way we heat and cool our homes.”
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