Why ambitious plans for Wokingham 'green bank' were scrapped

The bank would have provided residents and businesses loans to retrofit their homes and premises to make them more energy efficient and reduce these building’s reliance on fossil fuels.

The plan was to identify a bank which was willing to provide the loans over a period of five, 10 and 15 years.

It formed part of Wokingham Borough Council’s Climate Emergency Action Plan, which lays out the council’s strategy for tackling climate change.

READ MORE: Wokingham council grilled over its climate change strategy

The council had begun discussions with Halifax to set up the bank, with a target to have 20 per cent of households in the borough retrofitted to be energy efficient by 2030, leading to a estimated reduction of 44,307.5 tonnes of C02 emissions by that year.

However, plans for the bank have been shelved because of the scrapping of the Government’s Green Homes Grant scheme and alleged legal issues.

The loss of this part of the council’s climate change strategy has been highlighted by Wokingham Labour Party leader councillor Rachel Burgess, who has argued that the council urgently needs to come up with other ways to reduce the same amount of carbon emissions that the bank would have offset.

“The Conservatives’ Climate Emergency Plan already fell way short of the level of carbon saving required to become a carbon neutral borough. Now we find out, hidden deep in a report, that over a quarter of those planned savings have vanished, with the collapse of the Greenbank scheme. The squashing of this scheme by the Wokingham Borough legal team has also squashed what little credibility the plan had.

“Amazingly, the legal team seems to have ruled out the Greenbank scheme last year, but only now has the information been made public.

Councillor Rachel Burgess, Wokingham Labour Party leader

“Instead of urgent action to fill this gaping hole in the Conservatives’ plan, we are presented with distraction actions and press releases about badgers which divert from the real issue here: that the Conservative Climate Emergency Plan is bound to fail. It is long on words and short on actions that will actually reduce current Carbon consumption.

“The fact is, reducing our current level of carbon consumption will take big changes in how will live and that is why Labour continues to call for a Citizens’ Assembly on the Climate Emergency. We need residents to be informed and empowered to make the decisions that need to be made.”

A report submitted to the council’s overview and scrutiny committee states that a discussion with the council’s legal team regarding setting up the green bank was undertaken in August last year. Following these discussions, the council decided not to fund the green bank scheme.

However, a member of the council’s ruling Conservative administration has highlighted other ways the council is seeking to help people make their homes more energy efficient.

READ MORE: Wokingham Conservatives defend their plan for massive solar farm in Barkham

Cllr Gregor Murray, executive member for resident services, communications and carbon emissions, said: “We had looked into the Green Bank project but this has been paused due the economic uncertainty caused by the Covid-19 pandemic. I want to revisit it when the pandemic is behind us, as it’s unrealistic to expect to advance conversations on it with banks while it goes on. Our previous conversations with banks on this were positive and we’d hope they will be again when we look to reignite the idea in the future.

“The council has successfully introduced the Energy Company Obligation (ECO) and ECO Flex Help to Heat scheme. This has helped hundreds of families in our borough reduce their carbon emissions and lower their fuel bills by making poor performing homes more energy efficient. We’re incredible proud of being able to introduce this at no or heavily subsidised cost to those residents across the area.”

Gregor Murray, Conservative councillor and member of the executive. Credit: Wokingham Borough Council

The Energy Company Obligation and the ECO Flex Help to Heat scheme are both initiatives that have been spearheaded by the national Government and have been implemented in Wokingham Borough.

The ECO Flex Help to Heat scheme provides financial help for those living in energy inefficient homes to make upgrades. You can benefit from the scheme if you receive means tested benefit, have a household income of below £35,000 after tax, and if you meet the council’s ‘persons vulnerable to cold’ criteria.

See if you can benefit from the ECO Flex Help to Heat scheme here https://www.wokingham.gov.uk/business-and-licensing/health-and-safety/energy-saving-and-climate/

Plans for the green bank featured in the council’s Climate Emergency Action Plan published in January 2020.