The UK\’s domestic properties need to be renovated to a high energy efficiency standard at a rate of 700,000 a year in order to have renovated them all by the year 2050. We need to do this because there are 28 million homes in the UK which are responsible for 27% of our greenhouse gas emissions, most of them will still be standing by then, and they need to be treated to make a contribution to meeting our national targets of reducing these emissions by 80% by 2050.
OK, so how much per house?
Neil gave some costs: they are allocating a budget of £120,000 per property for a sustainable renovation.
28,000,000 houses times £120,000, if I\’ve got my zeros right that\’s £3,360,000,000,000.
Erm, £3.3 trillion? Over two year\’s GDP just to spend on the housing stock? £84 billion a year over 40 years?
5% to 6% of GDP each and every year?
This just isn\’t going to work, is it? Those costs are so much vastly higher than whatever the damages from climate change might be that we\’d be better off just putting up with it.
I do hope I have got my zeros wrong there. Otherwise we\’ve serious evidence that people haven\’t been reading their Stern Review. You know, the one that said it will costs us 1-2% of GDP each year in total to solve climate change? Rather than 6% just to retrofit housing?