73 End fossil fuel incentives Renewable heating standard in replacement 100% 2050 Policy makers could avoid incentives for fossil fuels. Currently, direct or indirect incentives benefit oil or gasbased boilers, due to different taxation of heat pumps compared with boilers for instance. While doing this, the gap between today’s electricity and gas prices in many member states is too high to make a heat pump an economically attractive investment for EU citizens. In the short term, government incentives can help accelerate the transition to carbon-neutral heating and make heat pumps accessible to all Europeans, but in the longer term more balanced energy prices and a correct indication of the energy and carbon performance of a building need to support the end user motivations to invest in heat pump technology. At Daikin, we believe heat pump systems have to become the standard when replacing heating systems. It is a fact that heat pumps are increasingly capable of high efficiencies, even at lower outdoor temperatures. The hydronic heat pump technology has developed quickly in recent years, making it fit for any type of residential building in Europe whether it is for the new build market or the replacement market. By increasing the share of green electricity to 60% of total EU electricity production, heat pumps will continue to increase their contribution to a decarbonized residential heating world. The future At Daikin we’re excited and passionate about taking on the changing environment and playing a key role in bringing this innovative technology into people’s homes while ensuring all stakeholders, such as installers and architects, are on board. We can do our bit as well by making installation as simple as possible through great design. Europe has the technology, the expertise and the investments to expand the heat pump market further. From single family to multi-family homes, from small to large commercial buildings and industrial plants, heat pumps today are ready to go mainstream. All the signs are indicating that we need to act now! Let’s convince those in the replacement market that heat pumps are the future and increase awareness regarding energy, cost-efficiency and environment-related advantages. Heat pumps start to play a crucial role in decarbonizing Europe, and in certain areas there has already been an impressive uptake. For example, heat pumps are the default heating system in Sweden and enjoy 50% of the market share in new builds in some European countries. However, in the whole of Europe, renewable heating via heat pumps represents only 10% of all heating systems installed annually. This contrasts sharply with the EU Commission’s ambitious target by 2030: 40% penetration of renewables in heating and cooling. At Daikin, we see the solution will be to take 4 steps to decarbonizing residential heat, in order to achieve the EU Commission’s targets by 2030.
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