Green investment and the upcoming 2021 Spending Review.
The Prime Minister has set out a Ten Point Plan which will allow us to forge ahead in eradicating the UK’s contribution to climate change. This will be key as we run up to hosting the COP26 climate summit in Glasgow later this year where the UK will call for further global action.
This plan will mobilise £12 billion of government investment to create and support 250,000 highly skilled green jobs across the UK. It is also expected to spur over three times as much private sector investment by 2030, helping to build on the UK’s existing strengths and will cement London as the global centre of green finance.
The plan also includes a target to install 600,000 heat pumps every year by 2028; £1 billion funding to make our schools, hospitals and homes more energy efficient; the planting of 30,000 hectares of trees every year; new investment in zero-emission transport as well as £20 million to develop clean maritime technology.
In the future, the UK will also produce enough offshore wind to power every home, quadrupling how much is currently produced to 40GW by 2030. The Government will work with industry and aim to generate 5GW of low carbon hydrogen production capacity by 2030 for industry, transport, power and homes. In addition, the Government aims to develop the first town heated entirely by hydrogen by the end of the decade and the UK will also become a world leader in carbon capture technology to store harmful emissions away from the atmosphere, with a target to remove 10MT of carbon dioxide by 2030.
No-one can pre-empt decisions to be announced at the Spending Review, but, as demonstrated above, the Government takes our transition to net zero and a greener future after the pandemic extremely seriously.