Launching a review of Research & Development tax reliefs to make sure the UK remains a competitive location for cutting-edge research; £20 million to fund a UK-wide competition to develop floating offshore wind demonstrators and help support the government’s aim to generate enough electricity from offshore wind to power every home by 2030; £68 million to fund a UK-wide competition to deliver first-of-a-kind long-duration energy storage prototypes that will reduce the cost of net zero by storing excess low carbon energy over longer periods; £4 million for a biomass feedstocks programme in the UK to identify ways to increase the production of green energy crops and forest products that can be used for energy.
Treasury 3rd March 2021 read more »
Critics have said Budget measures did not go far enough to address the scale of the challenge of climate change. Chancellor Rishi Sunak announced a change to the Bank of England’s remit as part of green measures in the Budget. He also confirmed a infrastructure bank to invest mainly in green projects. But Labour leader Sir Keir Starmer said the Budget stopped “way short” of the action needed to tackle the climate emergency. Mr Sunak shielded drivers from a fuel duty rise and he clawed back money from a key home insulation scheme.
BBC 3rd March 2021 read more »
Chancellor Rishi Sunak unveiled the eagerly anticipated Budget this afternoon, including support for a “world-first” infrastructure bank and at least £15 billion in green bonds.
Current 3rd March 2021 read more »
Green growth or greenwashing? Business leaders react to Rishi Sunak’s 2021 Budget.
Edie 3rd March 2021 read more »
Rishi Sunak delivered his Budget for 2021 today (3 March), pledging to put green investment at the heart of the UK’s economic recovery from Covid-19. But the Chancellor has come under fire for failing to mention a number of critical policy enablers for the UK’s net-zero carbon transition.
Edie 3rd March 2021 read more »
Budget 2021: ‘New infrastructure bank to drive at least £40bn of green investment’. Chancellor of the Exchequer Rishi Sunak said ‘a real commitment to green growth’ is needed to build a strong, fair and resilient future economy. A new infrastructure bank based in Leeds will drive at least £40 billion of green investment. That’s among a series of sustainable plans set out in Chancellor of the Exchequer Rishi Sunak’s 2021 Budget, in which he established how the Conservative Party will work to drive a sustainable and business-focused recovery in the face of the COVID-19 pandemic, which saw the UK economy shrink by 10%, the largest fall in GDP recorded in the past 300 years. He stressed the UK must “do things that have never been done before” and emphasised that a “real commitment to green growth” is needed to build a strong, fair and resilient future economy.
Future Net Zero 3rd March 2021 read more »
Commenting on the Budget announcement today, RenewableUK’s Chief Executive Hugh McNeal said: “This is a big-bang moment for offshore wind manufacturing in the UK which will drive investment in a globally competitive domestic supply chain. “The government is putting its support squarely behind the kind of strategic approach to securing supply chain investment which the industry has been making the case for during our intensive work with Ministers to deliver the green economic recovery this country needs.” Mr McNeal explained this new funding to develop world-class offshore wind hubs in Teesside and Humber is a clear example of levelling-up in action and added: “There is a huge opportunity for UK’s offshore wind industry not only to supply UK projects but also to export to rapidly growing global markets.” He estimates the next wave of renewable projects could inject £20 billion of private investment into the economy and support over 12,000 jobs. Commenting on the green measures within the Chancellor’s Budget, Environmental Audit Committee Chairman, Rt Hon Philip Dunne MP, said: “…the Chancellor has today missed an opportunity to go further, reducing VAT for green sectors including energy efficiency upgrades and investing more significantly in renewable and low-carbon energy.” Luke Murphy, Head of the Institute for Public Policy Research Environmental Justices Commission, said: “Despite the rhetoric, one of the biggest green decisions taken today was the decision not to roll over nearly £1.5 billion of funding for the government’s flagship green homes grant which was announced just last year by the Prime Minister.” Dr Joanne Wade, Chief Strategic Officer at the Association for Decentralised Energy said: “We are disappointed with the lack of clarity in today’s budget on how the government plans to accelerate the uptake of retrofit measures at such a crucial time
Energy Live News 3rd March 2021 read more »
Budget 2021: Key climate and energy announcements.
Carbon Brief v3rd March 2021 read more »
The chancellor has changed the remit of the Bank of England’s interest rate-setting monetary policy committee to include a duty to support the government’s net zero carbon ambition alongside its longstanding responsibility to keep inflation in check. Rishi Sunak made the change to reflect the importance of environmental sustainability, he said. Under the green upgrade, the Bank must support the government’s strategy to “level up opportunity in all parts of the UK” and to “transition to an environmentally sustainable and resilient net zero economy”, according to the Treasury.
Guardian 3rd March 2021 read more »
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. Those were the positives. Other than that, there was very little in the budget for the environment. There was no more detail on the Green Homes Grant, the future of which remains uncertain after the government threatened to axe its funding. There were also no new announcements on electric vehicles, restoring our natural environment or new renewable power.
Green Alliance 3rd March 2021 read more »
Budget 2021: All the green announcements at a glance. Budget 2021 set out a number of measures designed to usher in a lower-carbon future for the UK, the bulk of which had already been trailed ahead of Sunak’s speech. The Chancellor confirmed the Bank of England’s monetary policy remit had been updated to include an explicit focus on net zero and environmental objectives, provided further details about the National Infrastucture Bank unveiled last year, and reiterated plans to release the UK’s first sovereign green bond this summer.
Business Green 3rd March 2021 read more »
Budget lacks urgency needed to tackle the climate crisis. The final Budget before the UK hosts a key round of global climate talks was a ‘missed opportunity’ to put forward world-leading green measures.
Independent 3rd March 2021 read more »
Budget 2021: Green groups left disappointed by lack of climate-focussed policies. Rishi Sunak promised a “real commitment to green growth” in today’s Budget address, but campaigners were left “disappointed” by a mixed bag of climate policies from the Chancellor. Mr Sunak focused his climate spending in the Budget on action that could drive growth in UK regions. A new Infrastructure Bank, backed by £12bn of public capital, will have climate action and economic growth as its twin investment priorities, he confirmed.
iNews 3rd March 2021 read more »
Build Back Better – our plan for growth.
Treasury 3rd March 2021 read more »