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Climate change in an ageing world

We are living in an ageing world; people are living longer. We are living on an ageing planet; in a climate emergency. So how does the topic of longevity fit into the climate change agenda? What is the coherent policy response to the interface between climate change and an ageing society?

ILC-UK, in collaboration with the ILC Global Alliance and AAG are building a ‘Climate change in an ageing world’ initiative to be launched alongside the COP26 (November 2021).

This webinar provided an opportunity to feed into the scoping and planning of our initiative.

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Climate change in an ageing world

  1. 1. Hot topic – Climate change in an ageing world Join the conversation: @ilcuk #AgeingPlanet
  2. 2. Welcome and introduction Redvers Lee, Head of Partnerships and Development, ILC Join the conversation: @ilcuk #AgeingPlanet
  3. 3. Panel presentations Join the conversation: @ilcuk #AgeingPlanet
  4. 4. Chris Knight CEO, Legal & General Retail Retirement Join the conversation: @ilcuk #AgeingPlanet
  5. 5. Climate Change and the Ageing Demographic Chris Knight CEO, Legal & General Retail Retirement
  6. 6. Confidential The Ageing Demographic and Climate Change Two of the great megatrends of our economy and society Sources: https://www.ipcc.ch/report/ar3/wg1/chapter-9-projections-of-future-climate-change/ 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 2016 2026 2036 2046 UK over-80 population projections, 2016-2046 By 2036 there will be more than 5m people aged over 80 in the UK, an increase of 2m from 2016 Climate Change and The Ageing Demographic6 “The Intergovernmental Panel on Climate Change (IPCC) considers it likely that the rise in atmospheric temperature will reach 1.5 °C degrees within the next 35 years. The current century trajectory is towards a rise of around 3.2 °C.” https://doi.org/10.1007/s12062-019-09255-5 1.5 °C degrees within the next 35 years 7 million in 2046IPPC Projections of Future Climate Change
  7. 7. Confidential Behind the headlines: in the UK, housing is a key intersection between Ageing and Climate The UK’s energy inefficient housing stock needs at least £65bn to upgrade • In the UK, our built environment is responsible for almost 30% of total greenhouse gas emissions • The UK has the oldest housing of EU Member States, with nearly 38% of its homes dating from before 1946 • Domestic housing and energy are also linked to fuel poverty. Energy consumption increases rapidly after the age 70, following a stabilizing trend in consumption between the ages 60 and 70. Climate Change and The Ageing Demographic7 Meeting the 2035 target alone will require a total investment in energy efficiency upgrades of up to £65 billion - the broader decarbonisation challenge will require even greater sums of public and private capital to be mobilised
  8. 8. Confidential But the money is there… Climate Change and The Ageing Demographic8 L&G Analysis, CME 201112 £1.7tn of housing equity owned by the over-55’s £950bn of UK DC Pensions savings by 2028
  9. 9. Confidential Three key Legal & General climate change programmes 9 What can financial services do to support both the ageing society and the target to achieve net zero carbon by 2050? “We have to Build Back Better after Covid-19. Construction is rocket fuel for UK economic growth: every pound invested delivers a threefold economic multiplier and the housebuilding sector provides jobs and vital economic resilience. But as we accelerate building, we have to avoid stoking up a climate crisis that would be at least as serious as the COVID”. Nigel Wilson, Legal & General CEO 123 of ESG investing 1 ESG factors are financially material. 2 We have a responsibility to effect positive change in companies & assets we invest in, & for society as a whole. 3) We have a responsibility to many stakeholders Climate pledge LGIM’s Climate Pledge now includes publicly available traffic light ratings for around 1,000 companies - representing 60% of greenhouse gas emissions from listed companies Net Zero housing L&G built houses will be operationally net zero by 2030
  10. 10. Confidential Conclusions • We know our customer demographic are environmentally aware & concerned. • Older homeowners can use the equity they have built up to retrofit their homes to be more energy efficient. Home improvements are the most popular reason for taking a lifetime mortgage, with 36% of people giving this as a reason for releasing cash from their house. • We want to support this so we are providing incentives to our Lifetime Mortgage customers to green their homes. • The UK will find it harder to meet its promises on decarbonisation if it cannot retrofit its older housing stock to become more energy efficient. • We need to ask what legacy are we leaving? Climate Change and The Ageing Demographic10 Ageing and Climate Change Installing an air source heat pump could cut a home’s CO2 emissions by 2600 kg per year, saving close to £700 in the process.
  11. 11. Roz Bulleid Deputy Policy Director, Green Alliance Join the conversation: @ilcuk #AgeingPlanet
  12. 12. Des Fitzgerald Senior Policy Advisor, PIMFA Join the conversation: @ilcuk #AgeingPlanet
  13. 13. Prof Thomas Scharf Professor of Social Gerontology, Newcastle University Join the conversation: @ilcuk #AgeingPlanet
  14. 14. Q&A Please submit your questions to panellists via the Q&A tab Join the conversation: @ilcuk #AgeingPlanet
  15. 15. Closing remarks Redvers Lee, Head of Partnerships and Development, ILC Join the conversation: @ilcuk #AgeingPlanet
  16. 16. Future of Ageing 2020: Together for tomorrow Date: Thursday, 3 December 2020 Time: 9.00am - 5.30pm Speakers include: Guy Opperman MP, Sir Andrew Dilnot, Cat Smith MP and Sir Michael Marmot Register at: futureofageing.org.uk Join the conversation: @ilcuk #FutureOfAgeing futureofageing.org.uk
  17. 17. Thank you Join the conversation: @ilcuk # AgeingPlanet

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