Green Economy works with buyers and suppliers of low carbon products and services to improve access to the technologies and services that will facilitate the transition to net zero. We also work with local and regional policy makers to grow your local green economy.
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We hosted a Demystifying Heat Pumps webinar where we discussed the technology with a panel of experts, touching on how they work, the returns on investment, policy restrictions, and savings. Here’s what we learned on the day.
The government has set an ambitious target to reduce business energy use by 20 per cent by 2030. Presently, domestic heating accounts for roughly 14 per cent of UK emissions, highlighting a huge opportunity for decarbonisation within this sector, while all heating accounts for about 37 per cent of UK carbon emissions.
The government is doing things to support, incentivise, and encourage decarbonisation of heat, such as requiring the energy performance certificate of a building to be publicly displayed, but the challenge of decarbonising UK heat carries an estimated cost of £200bn.
The UK government is behind on its target to install 600,000 heat pumps a year by 2028 (currently it only achieves around 100,000 installations annually), which could see the UK pay an extra £9bn for gas imports.