GFI report calls for financing to decarbonize England’s schools in order to hit DfE carbon emissions goal
A new report analyses existing solutions, new financing mechanisms and provides recommendations to help schools in the UK hit dercarbonization targets set by the Department for Education (DfE).
The report, published in partnership by the Green Finance Institute (GFI) and climate charity Ashden’s Let’s Go Zero campaign, outlines current barriers to decarbonizing England’s schools as well as potential solutions.
Current government funding available to schools through grant schemes and Local Authorities is insufficient to meet the estimated £16.3 billion investment needed to meet the DfE’s goals, the report argues. It adds that the use of private funding is hindered by restrictions on unmanageable debts for schools in the country.
GFI and Ashden have co-designed new financial mechanisms to mobilize capital toward decbaronizing England’s schools and reach the current target of a 75 percent reduction in carbon emissions by 2037.
The DfE estimates more than £1.7 billion of energy expenditures associated with education buildings in the current financial year. The report suggests that a decarbonization plan could reduce emissions an facilitate investment into the sector.
Decarbonizing schools requires retrofit interventions such as installing LEDs, solar panels, battery storage, fabric improvements and heat pumps. Underused space on school roofs could present an opportunity to increase energy security for local communities.
The report also flagged several barriers to decarbonization, such as high upfront costs, limited budgets and varying payback periods. It suggests a refreshed strategy on school decarbonization could provide financial institutions and the private sector with the certainty required for widespread decarbonization efforts.
Kitty Byrne, Senior Associate at the GFI, says: “By unlocking investment into the energy efficiency of our school estates across the country, we can make significant strides toward achieving our net-zero targets, cut energy costs for the public sector, and provide a greenprint for wider public sector decarbonisation.
“Unlocking private investment, which hinges on the right enabling policies to scale billions of pounds, not only offers a chance to create a more sustainable future but also to improve the learning environment for generations to come.
Alex Green, Head of Let’s Go Zero at Ashden, adds: “Long term investment in decarbonising the school estate presents an opportunity to lead public sector decarbonisation by example and free up funds for reinvestment. A coordinated approach could mobilise the finance industry and supply chain, while delivering resilient schools for our children and contributing to the Government’s targets to reduce emissions and generate clean power.”
