London faces £100billion bill to hit net zero target

·2-min read
An aerial view of terraced houses in south west London (PA)
An aerial view of terraced houses in south west London (PA)

London faces an almost £100 billion bill to upgrade homes if it is to hit green targets by 2030, it was revealed on Friday.

Domestic properties account for about a third of the capital’s greenhouse gas emissions and most require significant upgrades to reduce their carbon footprint, councils have said.

All 33 boroughs have agreed a joint plan to cut emissions produced by the almost four million domestic buildings across the capital by 2030.

But the plan to achieve net zero in all homes, which includes modernising millions of heating systems, comes with a £98 billion bill, according to umbrella group London Councils.

Surveys found that there are:

* 400,000 London homes with only single-glazed windows.

* 1.5 million that require window and external door upgrades.

* 17 per cent of London homes in conservation areas, which have a high number of historic buildings that are particularly expensive to upgrade.

London Councils is calling on the Government to announce the delivery of the £3.8 billion social housing decarbonisation fund and £2.5 billion home upgrade grant in the upcoming spending review.

They also want £30 million of up-front funding for the next phase of the UK Cities Climate Investment Commission work, which they say will unlock over £200billion of private investment for delivering net zero across the UK’s 12 biggest cities.

Philip Glanville, chair of London Councils’ transport and environment committee, said: “As we approach COP26, the Government should seize the day and boost local funding for this important work, which is integral to the UK’s ability to make net zero happen.”

Boroughs also want new financial incentives to encourage private retrofitting, such as green mortgages offering lower rates and a variable stamp duty land tax for more energy-efficient homes.

Mr Glanville added: “This is a vital investment in a greener future for London and the whole of the UK.”

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