PRESS RELEASE : Autumn Statement – PwC comments on energy consumption reduction target [November 2022]

The press release issued by PWC on 17 November 2022.

Commenting on today’s Autumn Statement, Zubin Randeria, ESG Leader, PwC UK commented:

“The tricky balance between protecting tax revenues while encouraging sustainable behaviour was made clear in the Autumn Statement. On one hand, we heard a renewed commitment to reduce greenhouse gas emissions by 68% by 2030, on the other electric vehicles will be subject to road tax by 2025. With tax incentives expensive, reducing energy consumption will be key to realising our climate ambitions.

There is a clear imperative to reduce energy consumption as one aspect of keeping increased costs down, but by setting out a national ambition to reduce energy consumption by 15% by 2030, the Government is also showing its commitment to the Glasgow Climate Pact.

“Hitting emission reduction targets will require collective action by every household and business in the country and brings with it a chance to make lasting changes to our behaviours when it comes to energy use.

“The new Energy Efficiency Taskforce can play an important role in moving us close to Net Zero but there should be no underestimating the scale of the challenge ahead. It’s encouraging then, that alongside direct support to counter steep energy prices, the government is aiming to introduce a range of cost-free and low-cost steps to reduce energy demand.

“A key aspect of hitting this necessary target is reducing energy consumption from buildings and industry, as highlighted in the Autumn Statement. Our Green Jobs Barometer research has shown that can only be achieved by investing in retrofitting – which could not only help the UK hit Net Zero, but can sustain upward of 500,000 jobs.”