Fast heat pump roll-out will unlock big socio-economic and climate benefits

Since the Russian invasion of Ukraine and unprecedented energy price hikes, Europe has known more than ever that it needs to wean itself off expensive, polluting and volatile fossil fuels.

Europe’s buildings are big gas customers accounting for 40% of the EU’s energy demand and emitting 36% of the EU’s energy-related greenhouse gas emissions. That is because there are still over 90 million gas and oil boilers in our buildings with a new one being installed every eight seconds.

When the European Commission launched the REPowerEU plan in response to the Russian war on Ukraine, it included targets to install 30 million more hydronic heat pumps in buildings to cut Russian gas imports. It has been estimated that this means about 60 million more heat pumps when all types are factored in. If these targets become reality by 2030, Europe stands to gain significant economy-wide benefits.

Europe’s leap to heat pumps – the socio-economic and climate benefits unlocked by a fast heat pump roll-out, is a summary report by the European Heat Pump Association and the European Climate Foundation, based on a study by Cambridge Econometrics. It finds that if REPowerEU’s vision is achieved by 2030, the EU can cut its gas import bill, see cheaper energy prices for consumers, raise its GDP and save on climate-harming emissions.