According to a prominent green think tank, the government needs to do more to achieve net-zero emissions by 2050.
The government claims to have sparked a green investment “boom,” but environmentalists argue that much more could be done to meet the country’s climate targets.
Since Boris Johnson introduced the “ten-point plan for a green industrial revolution” in November last year, more than £5.8 billion in foreign investment in green projects has been obtained, according to new figures from the Department for International Trade (DIT).
It also determined that over the next decade, at least 56,000 opportunities in the UK’s clean industries have been secured or are “in the pipeline.” The government intends to invest £12 billion in areas such as offshore wind, low-carbon hydrogen, nuclear power, green finance, and the transition to zero-emission automobiles. According to the government, the private sector has the ability to generate three times that amount.
Up to 250,000 green jobs are expected to be created and supported by 2030.
According to the Department for International Trade, more than £650 million has been invested in offshore wind development this year, including more than £400 million by ENI Spa, supporting approximately 3,600 employees across the Humber and the North East.
In addition, more than £900 million is being invested in hastening the transition to zero-emission vehicles. For example, envision AESC is to invest more than £400 million in battery manufacturing. In comparison, Nissan plans to build a flagship electric vehicle hub in Sunderland Council as part of a £1 billion initiative with the council.
The government termed it a “green investment boom.” Still, the Green Alliance, an independent research tank that works with prominent NGOs, industry, and political leaders, said much more cash – and action – could be gained to reach net-zero emissions by 2050.
“Climate leadership will drive job creation and investment to the UK,” said Sam Alvis, head of green renewal at Green Alliance, “but these numbers are a fraction of what Chancellor Rishi Sunak could secure through the upcoming spending review. Ambitious public investment will drive far more private funding into our net-zero economy. As well as driving investment to environmentally positive projects, on the one hand, the government must also stop public and private finance to environmentally damaging projects on the other, whether that’s new oil fields, coal mines or airport expansion.”
The government is expecting that a global investment summit in London next week would attract 200 top industry professionals from across the world to invest in green business and innovation in the United Kingdom.
According to the Prime Minister, “These new figures are yet more evidence that going green means creating high-quality jobs across the United Kingdom.
“We are at the forefront of seizing these new opportunities, supported by major government investment and a British zeal for innovation and commerce. Since the launch of our Ten-Point Plan, businesses across the country have attracted international investment in the industries of the future, ensuring we build back better and greener.”