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Innovation in the domestic buildings sector represents a significant opportunity to help meet the UK’s greenhouse gas (GHG) emissions targets as well as providing value through avoided energy costs, amounting to carbon savings of 64 million tonnes of carbon dioxide (MtCO2) (29-146MtCO2) and energy savings of c. £18 billion (bn) (£8-42bn) by 20501. Innovation could also help create domestic and export opportunities that could contribute a total Gross Added Value (GVA) of £1.7bn (£0.8-4bn) to Gross Domestic Product (GDP) to 2050, while supporting 1,000 (500-2,400) direct jobs per year by 2050. Public sector support will be required to unlock this value, as there are significant market barriers across the sector to overcome.
1 Cumulative (2015-2050) 2015 GBP discounted values for medium (low-high) deployment scenarios and a high innovation scenario.
This TINA was updated and agreed by the LCICG in March 2016.