Every week the Kamma team will bring you the most enlightening articles highlighting the progress that residential real estate is making towards minimising climate change and the drive to Net Zero in the property sector.
New contracts for renewable energy projects capable of generating 11GW of clean energy for UK households.
New projects (93 in total!) to build onshore wind, offshore wind, solar and tidal energy capacity have been approved to increase the UK’s clean energy capacity. They were secured under a Contracts for Difference (CfD scheme), which sets a guaranteed (normally lower) price per unit for electricity, which incentivises investment from energy companies and results in the rapid expansion of renewable technology. This is particularly big news for offshore wind projects, which are set to increase capacity by 7GW.
The extra energy will be able to power 12 million UK homes. It will also increase the UK’s offshore wind capacity by 35%, which inches closer to the government’s target of 50GW of offshore wind by 2030, as stipulated in the British Energy Security Strategy,
Kamma’s perspective: This sees a large step change towards the production of green energy and contributes to the decarbonisation of the grid, as well as giving the UK added protection from the volatility of the fossil fuels market.
Article: UK renewables subsidy auction secures 11 GW of new capacity (Nina Chestney, Reuters)
The number of BTL green mortgages in the UK has risen by 300% over the first half of 2022 and almost a fifth over all products.
Changes to regulations for rental properties, such as the minimum energy efficiency standard (MEES), has incentivised mortgage lenders to develop and diversify the offerings available to buy-to-let (BTL) landlords. Newly popular ‘green’ mortgages are designed to offer borrowers preferential terms to buy a property that meets higher energy efficiency standards.
The market is growing quickly. There were 292 green BTL products on the market in April 2022 compared to just 85 in October 2021. By 2025, newly let properties will have to be a grade C on its Energy Performance Certificate (EPC), meaning the growth of the sector is projected to continue.
Kamma’s perspective: Helping lenders understand the market and the best ways to reach the new MEES is a huge part of Kamma’s strategy to unlock the door to the decarbonisation of the UK’s housing stock.
Article: 300% increase in Green BTL mortgages as energy efficiency drive is on (Graham Norwood, Landlord Today)
Greater Manchester’s mayor has announced plans to build 30,000 Net Zero homes by 2038
Greater Manchester will dramatically increase its housing stock with a focus on carbon neutrality. Many of the new homes will be built on brownfield sites (i.e., land that is otherwise unused or abandoned), with the intention of driving regeneration and higher living standards in underdeveloped areas.
Kamma’s perspective: We mentioned previously in this roundup about the decarbonisation of the grid, however, much of the challenge ahead lies with the inefficient housing stock. The steps that Greater Manchester are taking here give clear indications on their intent to improve this. We need a combination of new Net Zero properties as well as retrofitted existing properties to achieve our emissions goals.
As companies and financial institutions prepare to report on the last financial year, February’s Month in Green focuses discussion on new climate-related financial disclosure requirements and how to approach data challenges associated with property-related assets. Click the link below to learn more about how Kamma is meeting data challenges with solutions! We’re using our data […]Read more
At Kamma we know how important it is for you to have the most up to date information at your fingertips. This report will cut through the noise and let you know exactly what letting agents need to know about property licensing. Each month, we give you a full rundown of the latest scheme announcements […]Read more
In the UK, premium listed companies and financial institutions are now required to disclose on how they identify, assess, and manage climate-related risks and opportunities. This currently includes some bigger letting agents. Kamma recently published an ultimate guide covering everything companies and financial institutions need to know about climate-related financial disclosures and how to overcome […]Read more
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