LONDON, July 10 (Reuters) - Legal & General called
on Friday for the British government to introduce tighter
building regulations to reduce carbon emissions in order to
reach its net zero target by 2050.
Britain said this week it would spend 3 billion pounds
($3.8 billion) on improving the energy efficiency of homes and
public buildings, as part of a 30 billion pound package to head
off an unemployment crisis.
Investors globally have become increasingly vocal in pushing
for changes in the way countries and companies respond to the
risks of climate change.
L&G, a major investor in real estate and infrastructure and
one of Britain's largest insurers, set out its proposals in an
open letter to the government.
The insurer said that Britain should restore net zero carbon
standards for new homes, legislate to improve transparency on
how much energy is used by commercial buildings, and incentivise
businesses to reach net zero targets through renewable energy,
"Whilst government may be focused on its ‘build, build,
build’ agenda, it must not lose sight of how this – if not
regulated appropriately – will have an irreversible impact on
climate change," L&G said in the letter.
The European Union has put fighting climate change at the
heart of its 750 billion euro fund to aid recovery from the
coronavirus crisis.
L&G said that all homes it builds would be capable of
operating at net zero carbon emissions by 2030.
It is also expanding its engagement with companies on
climate change to the steel and cement sectors, which it said
were crucial in reducing emissions in building materials.
($1 = 0.7930 pounds)
(Reporting by Carolyn Cohn and Simon Jessop)
Legal & General (LGEN)
