APPG - UNLOCKING RETROFIT: POLICY, FINANCE AND REGULATION
Monday 31 January 2022 11:00 - 12:30 In this meeting we will hear from politicians and built environment professionals on the challenges of successfully retrofitting London.
Retrofitting existing buildings is essential to reaching the UK climate targets, and yet the current policy framework and financing mechanisms are not fit for purpose to support the delivery of such as huge challenge. Most of the UK’s buildings will still be in use by 2050 despite contributing around 20% of the country’s carbon emissions. With the UK having the oldest housing stock in Europe with the highest energy demands, it is more important than ever that retrofit is at the top of the political agenda. According to the Committee on Climate Change, 29 million houses need retrofitting by 2050, equivalent to 1.8 homes per minute. The rate of buildings retrofit needs to at least double if we are to achieve the 2030 emissions targets. But retrofitting is expensive (£50–60k/property) and there is still a 20 per cent VAT as opposed to zero for new builds, which is a big barrier as most retrofits are financed by individuals with tight and limited capital. What financial mechanisms and tax incentives can be implemented to support the case for retrofitting? In this meeting we will hear from politicians and built environment professionals on the challenges of successfully retrofitting London’s existing built fabric.
The group brings together MPs and Peers from across the political parties to develop in-depth inquiries, drawing upon expertise and evidence from industry, built environment professionals and political parties amongst other stakeholders.