Japan's Daikin says new UK net zero plan will undermine investment and growth
Reuters
Published Sep 21, 2023 16:07
Updated Sep 21, 2023 17:15
By Andy Bruce
LONDON (Reuters) -Japanese industrial company Daikin, the market leader for heat pumps in Europe, said Prime Minister Rishi Sunak's decision to push back Britain's plans to tackle climate change will undermine confidence and international investment.
Daikin, the world's largest manufacturer of air conditioning equipment, headquartered in Osaka, said Sunak's decisions would make it harder to hit Britain's target to become a net zero carbon economy by 2050.
"With its policy update, the government seems to have given up on its commitment to see up to 600,000 heat pumps being installed a year by 2028," Henk van den Berg, residential sales manager at Daikin UK, said in a statement on Thursday.
"This is going to undermine confidence, foreign investments, and will have a significant impact on the growth in green jobs."
In a speech on Wednesday, Sunak said he would slow the transition to heat pumps from gas boilers in homes, and said he would not force any household to improve their insulation.
Heat pumps, sometimes described as reverse air conditioners, use electricity to concentrate heat potential and are comparatively more energy efficient than gas boilers.
Berg said continuing to exclude hybrid heat pump systems - which can operate alongside traditional heating sources like boilers - from the government's Boiler Upgrade Scheme was a "real misstep".
Sunak said he remained committed to the legally-binding target of reaching net zero emissions by 2050 but said Britain could afford to make slower progress in getting there because it was "so far ahead of every other country in the world".
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.