This could be permanent you know
Clear skies, 200% returns and 0-60 in under three seconds. For 12 years now I have been banging the drum about the issue of climate change since I learnt about the issues we face whilst studying Physics at Imperial College London. By this point, there is now a fairly universal acceptance that we have a large challenge ahead of us to decarbonise but we seem to be missing a few things.
About 8 years ago, whilst working at Tesco to curb their emissions, I realised quite how profitable carbon reduction could be! Tesco were quietly working away at saving the world without shouting about it. McKinsey had published a "carbon abatement curve" showing what technologies cost versus their carbon reduction capability. It turned out that some technologies saved you so much money that it was possible to make returns equivalent to 200% per year! This example is LED lighting which, if rolled out across the UK, could increase GDP by approximately 0.25% (lots of assumptions here but you get the idea, its a big impact), they save you so much money they pay for themselves in 3 months, they last 20 times as long and they save 90% of carbon emissions, yet shops were still selling halogen bulbs like that's ethically acceptable.
Whilst this pandemic has been keeping us all at home, our cities around the world have been having a chance to clear their skies of pollutants and breathe! I'm sure you'll agree that this is a vast improvement in the short term but also long term health impacts and therefore strain on health resources are much improved and its something that we can hold on to. Better still we can have fun doing it. It's time that we lay the foundations for a better future and treat ourselves at the same time.
Having some fun!
About five years ago I was lucky enough to test drive a BMW i8 and the acceleration was insane. I was giggling like a kid. For those who are lucky enough to be able to afford luxury cars, for the benefit of the general population, I'm giving you permission to treat yourself! How often do those two things equate? You're probably looking at roughly a 20% loss on your equity portfolios anyway so really what's another £80k ;) and you'll be helping to avert the next global crisis, you hero ;) It's time to buy yourself a "lockdown present" and what better day than earth day. Electric cars not only help the climate, improve air quality and cost less to run but they are also just fun!!! Put your foot down and you can accelerate from 0-60mph in under 3 seconds, previously the preserve of super cars but now you too can be pinned to your seat by this incredible acceleration. Find your inner child and try out a fully electric Tesla, Porsche or a Jag or go plug in hybrid with a BMW i8 or Range Rover. If you have kids don't worry you can still have fun with a Tesla model Y or the Audi e-tron.
Do this and when the economy returns to full speed ahead we will be operating at a permanently lower burn rate of oil and your household operating costs will be lower too. You won't be alone, the sale of battery electric vehicles increased by 197.4% in March 2020 vs. March 2019 whilst the number of petrol vehicles sold dropped by 49.9%.
Slightly less fun options but also worthwhile lockdown presents that you can buy yourself: ground source heat pumps, air source heat pumps, electric boiler (buying green electricity at the same time), LED bulbs, electric cooker/aga to replace gas/oil, solar panels, solar thermal panels, A++ rated appliances, double glazing, secondary glazing, draft proofing, home insulation.