Tandem Bank, which is on a mission to build the UK’s greener digital bank, is calling on the new Labour Government to make home energy efficiency a priority in the UK’s fight against climate change.
This appeal comes after Tandem published the latest instalment of its Green Gap monthly tracker, which reveals that UK consumers’ ability to commit to decarbonisation in their day-to-day life has waned for the sixth straight month. The tracker reveals that the gap between Brits’ intentions and their actions in the fight against climate change is widening, showing minimal progress in recent months.
Tandem’s research has shown that, despite an ongoing willingness among consumers to reduce their carbon footprint, cost and a general lack of awareness about solutions present major obstacles to progress. Other pressures such as the cost of living crisis and shifting Government messaging has seen climate change slide down the list of priorities for many UK households.
Tandem CEO, Alex Mollart, is urging the new Labour Government to ensure climate change, particularly concerning home energy efficiency, which is a key focus of Tandem’s, remains at the top of the new Government’s agenda. This means bringing the issue to the forefront, driving home the case for net zero, and generating an actionable plan that helps consumers on their journey to living greener lives.
Tandem is on a mission to fight climate change by providing support and expertise to customers on their journey to a more sustainable lifestyle. Tandem believes highlighting the scale of the challenge for UK consumers to Government figures of influence is an important part of its mission, encouraging collaboration to affect real change across the nation.
Green Gap Monthly Tracker
June’s edition of Tandem’s monthly tracker revealed just a 0.2pt increase in overall progress, a marginal improvement on May’s increase of 0.1pts. Bridging this gap by October 2024, in time for Tandem’s next annual survey, would require an acceleration of 7.7pts per month – an ambitious target given current trends.
There were some silver linings recorded in the tracker: 48% of English residential properties now have an A-C EPC rating, up 19% from 2012, while the proportion of E-G rated properties has dropped significantly from 30% in 2012 to 9% today. As the single largest contributor to the UK’s carbon emissions, improving the energy efficiency of UK homes is a critical step on the journey to net zero.
Furthermore, renewable energy generation reached 50.9% of the UK’s electricity in Q1 2024, just shy of the record 51.6% set in Q4 2023. Applications for the Boiler Upgrade Scheme also saw a significant increase compared to the same time last year, rising 81% from 1,485 to 45,932 last month.
Commenting on the tracker Alex Mollart, CEO of Tandem Bank, said: “This month’s green tracker continues an ongoing trend: declining consumer commitment to sustainability despite good intentions.
“However, the Labour Party's landslide victory under a manifesto committed to advancing the green agenda, offers a fresh opportunity for change. Even more encouragingly, the new Government seems to be taking a more ambitious, proactive approach to policy, which I hope means there will be a much-needed change in how things are done. GB Energy is a clear signal of Labour's commitment to bold climate initiatives.
“Now is the time for decisive leadership. We need to see a clear, actionable climate plan from the Government that directly engages with consumers at the ground level, who are still experiencing ongoing financial pressures that prevent them from making the climate commitments they want to in how they live.”
Benefiting customers’ pockets and the planet, Tandem offers greener ways to save, borrow, spend and share. From low emission motor loans, to lending for greener home improvements, to EPC discount mortgages and savings, its products make it easier for more people to choose a greener lifestyle – helping save money, whilst reducing carbon footprints.
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