RIBA updates the 2030 Climate Challenge
Jess Hrivnak, Sustainable Development Adviser at RIBA, explains the changes that have been made to the 2030 Climate Challenge, in light of new performance data.
Why is the RIBA’s 2030 Climate Challenge important? The UK built environment is responsible for 40% of UK carbon emissions. Everyone within the construction industry’s supply chain (from designers to manufactures to contractors) of new and retrofit buildings needs to do their part to reduce carbon emissions to ensure that we can collectively put forward our best efforts to limit global warming to 1.5 degrees Celsius.
Originally launched in the autumn of 2019, only a few months after the Institute declared a climate and biodiversity crisis and the UK Government passed legislation for the UK to become a net zero emitter by 2050, the RIBA 2030 Climate Challenge is a voluntary framework of performance targets for built environment projects. It builds on the momentum of the RIBA’s Ethics and Sustainable Development Commission and the RIBA’s commitment to the UN Sustainable Development Goals.
It sets out a climate conscious trajectory for new build and major retrofit projects, providing ambitious but achievable forward-facing performance outcomes that have been developed in consultation with other professional UK construction bodies. The framework is built around three key criteria: operational energy, embodied carbon and (potable) water use that are to be achieved in occupied buildings. In doing so, unintended consequences of poor health and wellbeing must be avoided by maintaining the best practice health and wellbeing metrics that are presented in the guidance. Focussing on the three key metrics common to all buildings allows the 2030 Climate Challenge to robustly, yet simply, call all RIBA Chartered Practices to act now.
The relaunch of the RIBA 2030 Climate Challenge (Version 2 published 17th June 2021) sets out a refined set of these targets. The updated targets take progress in the industry over the past two years into account and are in line with the Future Homes Standard and future regulation. Targets for 2025 and 2030 are set against business-as-usual compliance approaches.
The updated targets encompass development in the industry’s knowledge base of performance data– particularly in the embodied carbon field. The refined embodied carbon targets reflect a considerable amount of work across several institutions (including LETI, UKGBC, IStructE, WLCN and the RIBA) over the past few months to align definitions, scopes, targets, and methodologies. This alignment ensures that, as a built environment sector, we speak with one voice.
One may ask why the change in numbers, especially when the embodied carbon figures presented in Version 2 of the Climate Challenge seem easier to those originally published. The reason for this is that embodied carbon benchmarks and data is a developing knowledge area within the construction sector. In addition, the initial (2019) version of the RIBA 2030 Challenge set out total embodied carbon (A1-A5, B1-B5, C1-C4) performance targets. The figures were not directly comparable to the upfront carbon targets published by LETI as they had different scopes. With the release of Version 2 of the RIBA 2030 Challenge the LETI and RIBA embodied carbon figures are aligned. (It is important however to note that whilst the RIBA 2030 Climate Challenge targets are performance measures of realised in buildings completed in 2025 and 2030, LETI dates relate to the year of design.)
We recognise that there may need to be further refinement in the coming years as more detailed data and further work in sectoral contributions to carbon emissions in line with science-based targets is undertaken by the industry. But given the urgency for action, there is no time to lose. The next 9 years are critical, however 2030 is not the end of the road. The emissions reduction trajectory must decrease further until 2050. We must not wait for a magic bullet nor must we lose hope. Instead, as an industry we must focus on the immediacy of the coming years and take the steps necessary to meet the 2030 targets, and if that is not immediately possible to (as a minimum) design in accordance with the 2025 performance outcomes. This call to arms is part of the RIBA’s commitment to excellence and ethical practice. It is a rallying cry to promote and champion a shift in the industry towards outcome-based approaches to design, which requires placing greater emphasis on approaches that focus on tangible performance outcomes right from the project outset, even prior to briefing. Whilst the role of the architect is central to this focal shift, the role of the client and entire project delivery team is fundamental to enabling the process.
Although currently only RIBA Chartered Practices can sign up to the 2030 Climate Challenge, the targets are open source and available for everyone to use. The RIBA 2030 Climate Challenge does not seek to replace or replicate a building environmental assessment and there is no associated RIBA 2030 Climate Challenge certification procedure. Instead, the RIBA 2030 Climate Challenge presents a set of performance outcome targets for projects to aim towards. In fact, there are only has two stipulations of Signatories to the Challenge: the first is to attempt to achieve the targets. (There is no penalty or consequence for projects that miss the Challenge’s voluntary performance targets.) The second requirement is to submit anonymised project data to the RIBA. It is in this latter area where manufacturers and contractors can assist, providing and disclosing embodied carbon data to architects and project teams. Data disclosure and breakdowns are key to ensuring reporting is valid and comparable.
Timber will feature significantly in projects seeking to comply with the 2030 Climate Challenge targets and you can support your architectural teams by providing clear breakdowns of your structural systems and products’ embodied carbon cost. Furthermore, supporting the 2030 Climate Challenge may thus give you greater insight and clarity into your own environmental and carbon footprint and those of your products and systems you manufacture. Implementing and designing to the 2030 Climate Challenge targets demonstrates leadership ahead of business-as-usual construction and building management approaches. It also allows supply everyone involved to stay abreast of the mega trends of increased societal awareness and accountability and demonstrate responsibility in face of increased customer, consumer, staff and occupier driven expectations for brand credibility.
Join in with the Challenge, you have everything to gain and nothing to lose!
To download the updated RIBA 2030 Climate Challenge, click here
Here, Paul Brannen, CEI-Bois & Chair of the Timber Sector Group planning for COP 26, looks at Europe’s carbon capture and storage mechanism.
As a climate warning, it could hardly have been starker;
“I want to be clear. If we don’t clear this development fast enough, our children and grandchildren will fight wars over water and food.”
The clarity of European Union Vice President Timmerman’s words was both frightening and welcome. We really do need to pick up the pace if the EU and the UK are to stand a chance of both becoming carbon neutral by 2050.
Consequently, the EU Commission’s Renovation Wave is spot on with its aim of making 195 million building units across Europe energy-efficient by 2050, but current deep renovation rates are running at less than 1% of the building stock per year.
The ‘easy wins’ are loft, wall and door insulation and the replacement of single glazed windows with double or triple glazed. However, if we are not careful these renovations could be carried out using fossil fuel based materials.
Alert to this danger, the Commission did flag up the need to minimise
“the [carbon] footprint of buildings,”
“the use of organic building materials that can store carbon, such as sustainably-sourced wood”.
Professor Schellnhuber of the Potsdam Institute for Climate Impact Research has pointed out what will happen if we fail to use organic materials.
“Often more harm than good is done, for example when buildings are insulated with toxic industrial foams whose production, use and disposal requires more energy than can be saved”.
Instead, he argues for us to
“reforest our planet and re-timber our cities,”
i.e. more sustainable wood in the built environment.
It is wood’s ability to store carbon, once the living tree has sequestered it, that makes wood such a valuable asset in tackling climate change and when combined with its substitution effect, these two attributes offset 20% of Europe’s annual CO2 emissions.
In conclusion, more sustainably-sourced wood use in the built environment could, as the Commission President Ursula von der Leyen has stated, help turn our built environment from
“a carbon source into a carbon sink”.
The model for a sustainable future
The Government’s ambition to achieve Net Zero status by 2050 may leave many assuming that there is ample time to adjust our behaviours in order to make this a reality. However, the fact of the matter is that we must act now and pursue environmentally friendly processes at every opportunity to stand any chance of attaining this goal. Adopting and implementing a circular economy approach is one means of doing just that, as explained by Andrew Carpenter, Chief Executive of the Structural Timber Association.
Before we can begin to discuss the circular economy, it is important to first understand the concept of a linear economy. For decades now, society at large has acted as a linear economy, following a ‘take, make and dispose’ pattern. In essence, raw materials are harvested from the earth, these materials are then processed and manufactured into products, and at the end of their life cycle they are thrown away by the consumer. For obvious reasons, this cannot be considered a sustainable model, as:
- The finite non-renewable resources within the earth are rapidly running low.
- Gathering and processing raw materials requires a vast amount of energy.
- An increasing number of landfill sites are required to store old and used products.
It should be clear then, that drastic action must be taken as we cannot continue in this manner.
A circular economy, unlike a linear economy, seeks to eliminate as much waste as possible following a product’s lifecycle. The model follows a cyclical approach. High percentages of recycled content and lesser amounts of raw materials are used to manufacture products and goods. Following their use by the consumer, these goods should be recycled almost entirely and used to manufacturer future products. If we look towards nature, no ‘life cycle’ will be found that demonstrates a linear economy, the human species is the only example to have adopted the approach. The critical environmental issues that we face today are the consequence of years of our own actions, acting as a linear economy.
However, by adopting a circular economy, we can counter each step of a linear economy system. Less raw materials will be needed to produce goods, the energy required in manufacturing will be decreased, and the resultant waste sent to land fill will diminish. We are now seeing companies beginning to adjust their processes to work in line with a circular economy approach, although, if we are really to tackle the environmental threats facing our planet, more must adopt change, and fast.
As we are all aware, the construction sector is a massive contributor to CO2 emissions and should therefore be making the utmost efforts to change this. Timber naturally fits as part of a circular economy, as it is the only truly renewable resource we possess for building purposes. Following its use, timber can of course be recycled. However, because in some instances timber is burnt following its use, some critics argue that it is more damaging than good – this is not true.
It is important that we are aware that for every tree harvested, five more are planted. Therefore, as those five trees grow, the carbon that they sequestrate more than makes up for the carbon produced through the burning of timber. Furthermore, the energy produced by burning timber is not wasted, as it is used to power our homes, schools, transportation, etc.
We believe that any hope for the construction sectors success in adopting a circular economy system lies in the use of timber.
It is very apparent that society cannot continue to follow a linear approach. The repercussions caused by decades of doing so are now being realised, with the environmental crisis we face today set only to get worse if we do not change. We believe that adopting a circular economy in how we manufacture new goods, deal with used products and – most importantly – build the places where we live, work and play, is a necessity for combatting the climate threat and achieving Net Zero status by 2050. We must act now.
For more information about the Structural Timber Association please visit www.structuraltimber.co.uk
An opportunity missed
Despite concerted efforts from industry action groups and commentators to draw attention to shortcomings in the proposals, the Government’s response to the Future Homes Standard consultation has fallen woefully below that which is required to enact real change in the journey to Net Zero, argues Andrew Carpenter from the Structural Timber Association (STA).
First and foremost, the fact that embodied carbon is not mentioned once in the entire 114-page document, is a glaring omission that represents a significant missed opportunity to reduce the overall carbon consumption of the housebuilding industry. With the Government still insisting that it hopes to build 300,000 new homes each year, reducing the upfront carbon emissions generated by the materials manufacture of these projects would have a meaningful impact on the total carbon footprint.
Instead, the response focuses on building services and prioritises the use of low carbon energy sources. However, we firmly believe that this is a back-to-front approach, as operational CO2 emissions account for only a small portion of a home’s overall carbon cost. A much more logical tactic would be to shrink the overall carbon footprint, by reducing both the embodied carbon within the construction materials and the energy consumption in use, through significant building fabric improvements. After all, switching to low carbon energy sources is of little value to homeowners if they’re still required to pay extortionate sums for the same amount of ‘clean’ energy – building homes that are engineered to use less energy in the first place is a simpler way of lifting future generations out of fuel poverty.
What’s more, the move comes in spite of industry consensus towards an embodied carbon approach, as set out by the signatories of an open letter to Robert Jenrick, Secretary of State for Housing, Communities & Local Government. Orchestrated by ACAN (Architects! Climate Action Network), the letter calls for embodied carbon to be given due consideration, pointing to the significant contribution it will make to the carbon emissions of future homes.
Signed by more than 700 prominent members of the architectural community, it states: “The carbon emissions associated with a building’s use only make up a percentage of its total carbon footprint, with embodied carbon (the emissions associated with materials, construction and refurbishments) making up an ever greater share. Embodied carbon needs to be measured and declared as well. This is known as a ‘Whole Life Carbon’ approach to construction and should be applied to all construction projects to represent their true carbon cost.”
While it’s encouraging to see that the Government has taken steps to ensure new homes will no longer be reliant on fossil fuels and has listened to some of the feedback from industry – such as retaining the Fabric Energy Efficiency Standard (FEES) – the lack of regulatory incentives for reducing embodied carbon has the potential to de-rail carbon reduction efforts, by masking the true cost of new housing developments from a CO2 perspective.
By encouraging wider use of lower carbon building materials – such as incentivising a timber-first approach – the Government could take advantage of the ‘low hanging fruit’ by reducing the overall carbon expenditure of new homes from the very outset. As well as being a renewable material, timber provides an effective carbon store, particularly when used on an industrial scale. This is because as trees grow, they trap and store carbon dioxide, removing it from the wider atmosphere – indeed, timber absorbs more carbon during its growth than is emitted during processing and installation.
It’s bewildering to us at the STA that, in the face of such industry agreement, the Government has not seized this opportunity to set the housebuilding sector firmly on the right trajectory to achieve Net Zero by 2050. That is why, in the light of the omissions from the Future Homes Standard, we emplore the Government to reconsider its stance.
We believe it’s more vital than ever to highlight the importance of embodied carbon and to demonstrate the value of using low-carbon, structural timber. What’s more, it’s crucial that the housebuilding industry recognises that it is not obliged to follow this outdated line of travel and that, as long as regulatory requirements are met, it is able to carve its own path towards delivering better quality and greener housing. After all, why wait until Government thinking catches up when timber solutions are ready now, offering a quicker, more reliable and more sustainable solution to the climate crisis?
To find out more about becoming a member of the STA or working with one of our accredited organisations, please visit: www.structuraltimber.co.uk
Timber industry to make its case at COP26
In our latest Time for Timber podcast, Andrew Carpenter, Chief Executive of the Structural Timber Association, sat down with Paul Brannen, Director Public Affairs CEI-Bois & EOS, to discuss the most important event happening in 2021, COP26.
What is COP26?
The 26th Conference of the Parties, or COP26, will see the leaders of the world converge to decide how best to tackle the global crisis of climate change. For these leaders, whom have supreme decision-making capabilities, finding and agreeing upon the necessary solutions to combat this threat at COP26 are crucial to turning the tides back in our favour. Meetings between leaders are frequent but once every four years, one nation hosts a larger conference spanning two weeks. For COP26, this responsibility falls to the UK, with Glasgow hosting the event commencing on November 1st and finishing on November 12th. Since the previous major Conference of the Parties, hosted by France in 2016, the targets set have not been met, making it ever the more vital that solutions are found in Glasgow.
What is the Timber industry hoping to achieve at COP26?
Regarding sources of carbon emissions, the construction sector is responsible for anywhere between 40 and 50 percent. During their conversation, Paul Brannen highlights that it is therefore the duty of the construction industry to reduce that figure, whilst expressing his belief that timber provides the key means in which to do this. Paul discusses what he calls the three S’s, those being sequestrate, store and substitute. As a tree grows, carbon within the atmosphere is captured within the tree itself, this process is known as carbon sequestration. Once a tree is felled and processed into building materials, the sequestered carbon remains stored within the wood. The production of building materials such as cement and steel are particularly high emitters of carbon, by substituting them with timber, the environmental impact of construction is immediately lessened. These are the core messages that Paul wishes to present to the politicians attending COP26. As he states, utilising timber within construction is low hanging fruit.
How are those campaigning for timber planning to grab the attention?
As Paul explains in his conversation with Andrew, COP events are a political conference and a trade exhibition hybrid. An allocated area of the event known as the ‘green zone’ offers organisations and associations an opportunity to literally set up stall, and promote themselves to politicians, journalists and general visitors. Collectively the timber industry, at a global level, have placed their bid to the British Government, expressing their desire for a space at COP26. However, as Paul details, the timber industry has big plans on how they intend to showcase what they have to offer. Currently, plans for a purpose-built timber pavilion are being put together by a well-known British architect. The aim is to incorporate various engineered timber products within its design, to demonstrate the vast number of applications that timber possesses as a building material. The belief is that this visually stunning centrepiece will draw politicians and visitors in, so that they can be educated and informed about the structural solution to climate change that is timber.
As Paul draws his input to the conversation with Andrew to a close, he says: “We have to remind ourselves that everyday hundreds of people come to this issue completely new, and they’re the people we need to think about first and foremost”. COP26 presents a fantastic opportunity for the timber industry to showcase, to the leaders of the world, the vast environmental benefits it has to offer. Why wait, the time for timber is now. To hear the entirety of Paul’s and Andrew’s discussion about COP26, you can find the full podcast here.
Following on from the light and heat of the US presidential elections, has the world woken up to a greener future? As a campaign that is committed to achieving net zero by 2050, we welcome the news that Joe Biden will be the next president of the USA. His commitment to climate change and the return of the USA to the Paris Agreement and, coupled with the UK hosting COP 26, will make 2021 a very important year. With China’s pledge to bring emissions to net-zero before 2060, and the EU, Japan and South Korea’s commitments to reach net-zero by 2050, a tipping point is being approached that puts the Paris Agreement’s 1.5˚C limit within reach. Too early to celebrate? This gives us hope, as this positive news seems to be either the culmination of the focus on net zero, or the start of the beginning, especially for the financial sector.
It is notable that on the on the first working days after the election we saw the Chancellor of the Exchequer, Rishi Sunak, launch the UK’s first green gilts. This is seen as a move to increase the UK’s low-carbon credentials, ahead of COP 26. The ‘green sovereign bonds’ are a form of borrowing that can fund low-carbon infrastructure projects, similar to those already in use in Sweden and Germany. This follows on closely from Andrew Bailey, the governor of the Bank of England, commenting, “compared to the financial crisis and the pandemic, the risks from climate change are even bigger and more complex to manage,” and “our goal is to build a UK financial system resilient to the risks from climate change and supportive of the transition to a net-zero economy.”
At the same time Mark Carney, the former head of the Bank of England was hosting the Green Horizon Summit, a view on restructuring world capitalism to help tackle climate change, supported by the World Economic Forum and the Green Finance Institute. As part of the agenda on day 1, construction features, with a panel discussion, ‘The Built Environment – Financing the Net-Zero Transition’, at which the point to be debated was that ‘The built environment is responsible for 30 percent of greenhouse gas emissions in the UK and yet this sector has significant potential to decarbonise and unlock wider benefits across the economy.’
Putting construction onto the agenda is a move much welcomed by the Time For Timber campaign as we see the world of finance and insurance take note of their significant role in financing the future of sustainable construction, to meet the UK’s commitment to achieving net zero by 2050.
All of this points to green shoots for the green economy, one which we support given that it is our main campaign image that has been used in magazines, on billboards and on-line. We are at the very beginning of the process as the main stakeholders get on board and make their plans.
It isn’t the time to be complacent. If all the sectors that are responsible for producing carbon, from energy generation, to transport and freight, through to food production and of course construction, do their bit and we all pull together, we might just get there.
For years, the climate change movement was led by the so-called ‘eco-warriors’, a myriad of non-profit organisations and dedicated small investors who shared a collective desire to drive change within big companies. They protested outside business headquarters, filed shareholder resolutions and spoke out at annual meetings in order to valiantly make their points.
Large investors, in contrast, largely remained silent — at least in public. However, in the wake of the Paris agreement, a rising number of large investors now seem highly alert to the investment risks of global warming. As of 2020, this group seems to recognise that drastically cutting greenhouse gas emissions represents good business sense. Delaying action on emissions, will only mean more radical intervention is needed in the future at greater financial cost, and with larger impacts on society. Plus, by taking action now, companies can plan to achieve long-term, sustainable economic growth from a low-carbon economy.
As a result, it’s no longer a question whether climate change will dominate our lives and economies in years to come. Recent announcements from the likes of the World Economic Forum, the Bank of England and leading blue chips like Microsoft, which demonstrate that climate risk has moved centre stage into the world’s most influential boardrooms only furthers the point.
To this end, the world’s largest companies now forecast nearly $1 trillion at risk from climate impacts. Conversely, the same companies have identified $2 trillion in opportunities from investments into sustainable business areas, such as low carbon technologies. Therefore, for the business community, climate change has become a thing of now and not a thing of the future. Across modern boardrooms, daily discussions focus on how companies can meet climate challenges, as well as making the best use of any potential opportunities.
However, making the most of these opportunities requires foresight and investment. To this end, financial institutions, banks, investors and insurers must understand the risks they face in order to move to the next stage and build for the future.
In spite of the global pandemic, 2020 has proved to be a landmark year for investor action on climate change, with significant resolutions being passed and investment pouring into sustainable funds. With both regulators and clients increasingly calling for change, asset managers are now broadening their remit beyond energy-intensive industries such as oil.
Rather than driving investor attention away from climate change, the pandemic has cemented interest, with many investors fearing the economic fallout seen during the pandemic could be replicated if the world fails to halt global warming. Up until the outbreak, there remained a significant portion of the investor base who believed tackling climate change could wait until tomorrow. Fortunately, this has now changed. Companies and investors are starting to look at the importance of acting immediately.
With major corporations now being held accountable for their climate change responsibilities, more and more blue-chip companies and investment houses are talking up their need to invest sustainably. For example, Microsoft, Unilever, Nike and six other multinational giants have teamed up to establish a new initiative aimed at helping businesses reach net-zero carbon emissions by 2050.
The project, entitled “Transform to Net Zero”, will provide companies with practical and science-based guidance to help build a carbon neutral global economy. This radical transformation will require significant changes at the board-level, starting with how companies approach investments. Similarly, the program will look to transform methods of production and delivery, as well as the real estate and buildings inhabited by all those in the supply chain.
In launching ‘Transform to Net Zero’, these multinational giants have gone some way in following in the footprints of Apple, which is now the world’s largest company. For some years, Apple has led the way in renewing its sustainability commitment. In fact, the company has announced plans to reach 100% zero carbon emissions across its entire supply chain and product line by 2030. Moving forward, there’s no reason to suspect this continued focus on decarbonisation will change.
As an organic, natural material, wood can breathe and maintain a comfortable and healthy indoor climate.
The use of timber in construction is known to have numerous positive effects on human health, proven in various studies. People working in environments with more wood are observed to show lowered heartbeat rates, a decreased perception of stress, decreased blood pressure and increased interaction. A closer connection to such a natural material can only help to promote a feeling of warmth, security and home and an overall sense of wellbeing. In creating safe environments, employees and an increasing number of studies point to workplaces that are more productive and have lower rates of absenteeism and sickness.
Timber as part of the circular economy; the safest and most effective carbon store.
Currently, the construction industry represents around 10% of total UK carbon emissions and directly contributes to a further 47%. As a result, the industry finds itself in a position of great responsibility and influence with regards to the nation’s climate change efforts.
As timber trees grow, they naturally absorb carbon, which continues to be stored when the material is transformed into structural timber products. Timber absorbs and stores more carbon than it emits during processing and installation. These engineered solutions act as an effective carbon store when used as part of a building. When the building has reached the end of its use, this stored carbon can either be re-used as fuel, or will naturally filter back into the soil. By comparison, the use of concrete and steel within construction leads to considerably more energy and carbon usage. To this end, a report published by Chatham House (Making Concrete Change: June 2018) show that cement is the source of 4-8% of total global carbon dioxide emissions. Conversely, more carbon dioxide is absorbed and stored within timber products than is emitted during its harvesting process, manufacturing and transportation combined.
In fact, when used instead of other building materials, a single cubic metre of timber will save around 0.8 tonnes of carbon dioxide emissions. With such strong green credentials, it’s clear to see why so many organisations are embracing timber. Not only does the material provide strength and aesthetic beauty, but offers an effective solution in battling climate change. In fact, boroughs like Hackney in East London are now demanding a ‘timber first’ policy when it comes to building specifications. Similarly, the French government recently announced new sustainability legislation to help make the country carbon-neutral by 2050. The new law, which becomes enforceable in 2022, will mandate that all new public buildings in France are built from at least 50% timber, or other natural materials.
In his speech on the 30th June 2020, Prime Minister, Boris Johnson underlined his commitment to “build, build, build” as part of efforts to upgrade Britain’s infrastructure network. Furthermore, Mr Johnson identified the nation’s existing skills gap and the need to close it in order to better fuel a full economic recovery across the country. As such, the Prime Minister’s ‘New Deal’ announcement has clearly put jobs and infrastructure at the centre of the government’s economic growth strategy.
This impactful speech reaffirmed the government’s election commitments to build more homes and reinvest in the NHS. Additionally, with his closing statement, Mr Johnson recommitted the government to its Net Zero targets and placed construction at the heart of this effort, commenting:
“To that end we will build build build. Build back better, build back greener, build back faster and to do that at the pace that this moment requires”.
There is every reason for climate strategy to be at the forefront of policymakers’ minds as they shape the stimulus needed to reboot the economy following the COVID-19 pandemic. In fact, many economists rank green stimulus measures amongst the most beneficial for the nation, as well as being the best for the environment.
With a need to rebuild after the crisis, as well an opportunity to tackle unemployment and grow the economy, it will be critical for private capital to fund infrastructure investment across the nation and to be able to offer adequate insurance cover for the build process and beyond.