Climate-related extracts of ‘Spending Review 2020’: 25 November 2020

Posted on: November 30th, 2020 by EditorP

Green Industrial Revolution The recovery from Covid-19 must be green. SR20 provides funding for the Prime Minister’s Ten Point Plan, which has set out the government’s vision to tackle climate change whilst simultaneously supporting hundreds of thousands of jobs across the UK. As transport is one of the highest-emitting sectors, SR20 prioritises investment to transition to zero emission vehicles, including by providing £1.9 billion for charging infrastructure and consumer incentives. SR20 also provides £1.1 billion to make homes and buildings net zero-ready. To push the limits of what is currently possible, SR20 also invests in innovative clean energy technologies, building on existing UK strengths and venturing into exciting new industries. This includes £1 billion for a Carbon Capture and Storage Infrastructure Fund, and additional investment in low hydrogen carbon production, offshore wind, and nuclear power. This brings total investment to support a green industrial revolution to £12 billion. 4.4 Green industrial revolution The UK was the first major economy to legislate for net zero in 2050

[footnote 58]

and has already taken significant action to reduce carbon emissions and tackle climate change. The UK met its first and second carbon budgets and is on track to overachieve on the third;

[footnote 59]

has expanded GDP by 75 per cent while cutting emissions by 43 per cent;

[footnote 60]

and has pioneered renewable energy, with more offshore wind than any other country. The economic recovery from Covid-19 must build on this, and it must be green. The Prime Minister’s Ten Point Plan has set out a vision for Britain to lead a Green Industrial Revolution, protecting future generations from the effects of climate change and destruction of habitats, whilst simultaneously supporting hundreds of thousands of new jobs across the UK. The NIS, published alongside SR20, is rooted in the expert advice of the highly respected National Infrastructure Commission (NIC), and responds to its ground-breaking 2018 assessment of the country’s infrastructure needs. The NIS sets out how we will deliver the greener infrastructure that is fundamental to the Ten Point Plan, and as part of this announces the creation of a UK-wide bank focused on infrastructure and headquartered in the North of England. The bank will support private infrastructure projects to help meet the government’s objectives on economic growth, levelling up, and transitioning to net zero. SR20 sets out how the government will begin to fund the Ten Point Plan, providing long-term settlements in critical areas. The Ten Point Plan mobilises £12 billion to give industry the certainty it needs to invest, supports up to 250,000 green jobs and saves 180 megatonnes of carbon dioxide equivalent. That is the equivalent to taking all of today’s cars off the road for around two years. Through SR20 the UK will also lead the international effort against climate change. Further details on international leadership are set out in Chapter 5.

Extracts of spending review, 2020

Comments are closed.