A new report published by E3G calls for the government to take action on energy efficiency to save the taxpayer hundreds of billions of pounds through energy saving measures like insulation and clean electric heat.

With estimates that fossil fuel prices will remain at an unprecedented level until at least 2030, E3G is calling for long-term solutions to save the Treasury from spending further costs, spiralling into hundreds of billions of pounds.

Already this year, the UK government has spent £37bn to stand still on soaring costs of living.

The report also draws attention to households that are more vulnerable to energy price increases.

People living in the least energy-efficient homes will pay around £916 more per year on energy bills when the energy price cap rises to £2,800 in Autumn 2022.

Their calculations predict, that if everyone living in homes below EPC band C was upgraded, the aggregate saving would be £10.6bn each year.

E3G (Third Generation Environmentalism) is a climate change think tank attempting to accelerate a global transition to low carbon.