Today’s budget provided around £130 million in new green public investment, mainly focused on industrial decarbonisation. The chancellor has provided new money for a hub in Holyhead to generate hydrogen for use in HGVs; an ‘energy transition zone’ to move the North Sea oil and gas industry towards greener fuels and technologies; and some new innovation investment for floating offshore wind and energy storage tech. He also announced two new finance mechanisms to encourage private investment in green spending: a new green sovereign bond and a green retail national investment and savings product. Changes are afoot at the Bank of England as well – including a new ‘net zero’ remit for the Monetary Policy Committee – although there’s some confusion as to what that will mean in practice.Read more
Last week, with the pandemic once again accelerating, the chancellor announced that the long-awaited Comprehensive Spending Review (CSR), originally meant to cover four years of resource and capital budgets, will now only cover one year.Read more
This post was first published in an essay collection called ‘Delivering net zero’ for think tank Bright Blue and WSP UK.
There is a pressing need to move fast in decarbonising our transport sector. Transport is the largest source of UK emissions, with cars alone contributing 15 per cent to the UK’s total carbon footprint, according to the Department of Transport. Read more
In a week’s time, the government will unveil its first budget. It will be keen to deliver on the big spending promises pledged in the Conservative manifesto, particularly in the newly won northern constituencies. The manifesto also promised to prioritise the environment. Read more