Investment plan

Net zero strategy: UK government presents green investment plan

New investments for electric car subsidies, street charging points and tree planting have been announced as the UK government sets out plans to achieve net zero emissions by 2050.

The long-awaited strategy was unveiled ahead of crucial UN COP26 climate talks in Glasgow, with ministers hoping to set an example for other countries on how to go green.

It details how the government aims to meet its legal goal of reducing global warming emissions to net zero by 2050, reducing pollution as much as possible and using measures such as creating forests to mop up what’s left.

Outlining the plans, ministers said he would support 440,000 well-paying jobs and unlock £ 90 billion in private investment by 2030 on track to the mid-century goal, as well as reduce the Kingdom’s dependency United with regard to imported fossil fuels and put the country at risk of spikes in world prices.

But critics were quick to warn that the strategy, which spans more than 360 pages, did not provide enough policies or investments to drive the transformation needed to reach net zero.

New investments in the plans include £ 620million for grants and infrastructure for electric vehicles such as street charging, £ 500million for innovation projects to develop new clean technologies and 140 million pounds to help green hydrogen projects get started, officials said.

A pot of £ 450million will give households in England and Wales £ 5,000 grants to swap their gas boilers for low-carbon electric heat pumps for heat and water hot and there is a £ 124million boost for forest creation and peatland restoration to store carbon.

The government has said it will also introduce a mandate for zero-emission vehicles setting targets for a percentage of manufacturers’ new car and van sales to be zero-emissions each year from 2024.

Prime Minister Boris Johnson said: “The UK’s path to ending our contribution to climate change will be paved with well-paying jobs, billions of investments and thriving green industries, fueling our green industrial revolution at across the country.

“By acting first and taking bold action, we will create a defining competitive advantage in electric vehicles, offshore wind, carbon capture technology and more, while supporting people and businesses throughout the journey. process.

“With the big Cop26 climate summit just around the corner, our strategy is setting an example for other countries to also rebuild greener as we lead the charge towards global net zero.”

Shadow Business Secretary Ed Miliband said: “The plan fails to deliver, and while there are modest investments in the short term, there is no such thing as the commitment that we think necessary, “pointing to the involvement of the Treasury to prevent further action.

“I fear that this plan does not provide the just and prosperous transition we need to match the urgency we face,” he warned.

Rebecca Newsom, Policy Officer for Greenpeace UK, said: “This document looks more like a choice and a mix than the substantial meal we need to achieve net zero.

“The extra money for tree planting and advancements on electric vehicles do not make up for the lack of concrete plans to deliver large-scale renewables, additional investments in public transport or a firm commitment to end new oil and gas licenses. “

She warned that there were only half-hearted policies and funding commitments to reduce drafty homes carbon at the necessary rate, and this failed to combat the need to reduce consumption. of meat and dairy products.

“Until the policy and funding gaps are closed, Boris Johnson’s call for other countries to keep their promises at the world climate conference next month will be easy to ignore.” , she said.

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