Net zero could cost the UK’s high street £90 billion.
That’s according to a report by property company Savills, which has revealed the retail industry will face the bill due to building upgrades from new net zero standards.
The government has announced that properties will be unlettable if they have an energy performance rating below C by 2027 and B by 2030.
This will render 91% of all retail space void if building upgrades are not made – the report has said.
London alone will require £10 billion of this £90 billion budget for upgrades, Savills alleges.
Tom Whittington, Director of Retail Research, said: “There’s not enough money or enough time.”
“The government does not have a real handle of the significance of forcing through these regulations. What you can’t do is have a deadline in 2030 that is unviable and leaves you unable to lease around 80% of shops nationally.”
The Department for Energy Security and Net Zero has been approached for comment.