Chancellor Rishi Sunak used his Summer Statement to unveil an ambitious £3 billion green jobs plan that has been widely welcomed by the HVAC sector. Here we look in detail at some of the implications and how it is likely to impact the industry in the longer term.
Building for Efficiency
One of the key messages in the Chancellor’s statement was that energy efficient upgrades to buildings and new building projects will be at the heart of the UK’s post-coronavirus economic recovery. This is excellent news for the HVAC sector, which has been adapting to the demand for greener and more efficient products for many years. The research and product development that has taken place will stand HVAC companies in good stead as they prepare to play their role in green construction and renovation.
Health and wellbeing
Ventilation and air conditioning have been under the spotlight during the pandemic, as we discussed in our article about how these systems can keep coronavirus at bay. With even greater emphasis now being placed on clean air and wellbeing in homes and workplaces, we can expect a knock-on effect on jobs in all areas, from design and engineering right through to sales and servicing.
Net Zero Targets
The funding announced in the Summer Statement is intended to accelerate the UK’s progress towards net zero emissions. It will support domestic and commercial customers who want to retrofit energy efficient technology as well as injecting capital into new building projects to encourage them to prioritise the most energy efficient HVAC installations. It comes at a time when all energy consumers are more aware of their bills and overheads as well as the environmental impact of their product choices. When you consider that, in the medium and long term, climate change is likely to create an even bigger economic crisis than the one we face now, these steps are very good news indeed.
The Statement had a strong economic message as well as an environmental one. The investment is intended to generate more jobs in construction, building services, heating, ventilation and air conditioning. There will be new sales opportunities to help promote green energy products and systems to customers and engineering jobs for those developing and designing the technology needed to deliver the plan. All in all, the HVAC sector is well-placed to benefit significantly from the Chancellor’s scheme.
Many industry experts are anticipating more news in the Chancellor’s upcoming Autumn Statement. This felt very much like the first stage in a recovery plan that will develop over the coming months and years. None of us know how the crisis will evolve or how markets will respond to the measures announced this summer. By keeping things in constant review and adapting support accordingly, confidence and recovery can be sustained well beyond the current crisis.
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