The Government is expected to unveil the long-awaited National Infrastructure Strategy (NIS) this week alongside the Spending Review, with a National Infrastructure Bank set to be created to replace the UK’s involvement with the European Investment Bank and funnel capital towards net-zero projects. In March, the UK Government pledged more than £600bn in the next five years on infrastructure. However, the NIS was delayed to give chancellor Rishi Sunak more time with the strategy in light of the emerging coronavirus pandemic. The strategy outlines how £100bn will be spent over this parliament, with reports emerging that Chancellor Rishi Sunak will introduce the NIS alongside the Spending Review on Wednesday (25 November). Reports have emerged that the £100bn NIS will work towards the net-zero emissions target for 2050 and will heavily focus on fibre broadband, transport and flood defences. On the latter, £5.2bn has been ringfenced to create for new flood and coastal defences in England by 2027 as part of the Government’s Ten Point Plan. It is believed that the Spending Review will outline financial commitments of that plan, which has promised £12bn in public funding to support up to 250,000 green jobs, with the Government aiming to secure three times as much investment from the private sector by 2030. It has also been reported by national media that Sunak will confirm the creation of a “national infrastructure bank” that will be launched in 2021 to replace the remit of the European Investment Bank (EIB) after the UK leaves the EU. The Green Alliance is warning that significant shortfalls in governmental approach to infrastructure policy are placing the net-zero target at risk. The thinktank’s new report has warned that a lack of “net-zero testing” applied to all government decisions will continue to promote carbon-heavy economic activity. The report estimates that an £11.4bn gap in investment required to meet net-zero currently exists. The gap is predicted to grow to reach £13.5bn annually by 2022.
Edie 23rd Nov 2020 read more »
A week on from the launch of its 10 Point Plan for a Green Industrial Revolution, the government is poised to take its first steps to mobilise increased investment in green infrastructure through the launch of a new National Infrastructure Bank. The Financial Times reported over the weekend that plans for a new government-backed bank would form the centrepiece of the Chancellor’s one-year Spending Review on Wednesday, alongside the publication of the long-awaited National Infrastructure Strategy.
Business Green 23rd Nov 2020 read more »