Prime Minister Boris Johnson announced his much-anticipated plan for the UK’s “green industrial revolution” on Wednesday, outlining an ambitious 10-point strategy to create up to 250,000 jobs away from carbon emissions.
While environmental groups praise the plan’s direction, critics have questioned the size and commitment from the private sector.
In an article published by the Financial Times on Tuesday, PM said it was time for the UK to seek green solutions as the country recovers from the coronavirus pandemic.
“Now is the time to plan for a green recovery with skilled work that will satisfy people to help make the country cleaner, more environmentally friendly and more beautiful.
The “plan” could be a global template for providing zero emissions in ways that create jobs and maintain a lifestyle.
“Green and growth can be closely linked, so let’s meet the most enduring threat to our planet in one of the most innovative and ambitious job creation programs we know.”
Here is the complete list of PM’s climate awareness plans:
1. — To increase UK wind energy production with sufficient offshore capacity to power all homes by 2030.
2. — Invest up to £500 million in hydrogen output.
3. —Develops most nuclear power projects, from large to small and sophisticated modular reactors.
4. — investing more than £2.8 billion in electric vehicles and ending sales of new petrol and diesel vehicles and vans in 2030 (but until 2035 we will allow hybrid vehicles to run to prevent carbon from coming out of tailpipes).
5. —To achieve “cleaner public transport,” such as green buses and new cycle lanes.
6. —Achieve unstoppable Atlantic travel by building zero emissions and ships.
7. — Investing £1 billion in 2019 alone to “make homes, schools and hospitals greener and lower energy bills.”
8. — Founding a new “world-leading” industry in carbon capture and storage, backed by £1 billion government investment, focusing on “clusters” in North, Wales and Scotland.
9. — Planting “harnesses natural carbon-absorbing ability” by planting 30,000 hectares of trees a year by 2025 and “a countryside worth 30,000 football pitches.”
10. —We strive to invest and fund new low-carbon technologies and make the City of London a “global green finance” through sovereign bonds, carbon offset markets and disclosure requirements.
While PM welcomes plans for “progress” towards UK net zero by the pledge by 2050, some Labour lawmakers call it “a pale imitation” of the measures necessary to combat climate change.
Shadow Business Secretary Ed Miliband said plans for green covid recovery in the spring will involve £300 billion spent over 18 months, with No. 10 proposals falling below the mark and include some “reheated pledges.”
“People are losing their jobs now, and this is not fundamentally a green stimulus, it is not close to the scale of what they need.
“The announcement does not remotely meet the scale of employment or climate emergency. France and Germany have invested tens of thousands of euros, which will provide £4 billion of new money in years at most.
“What we needed was a truly bold green economic stimulus package, and what we got was a pale imitation of it. It’s deep and very disappointing.”
Green Party MP Caroline Lucas similarly criticized the plan as “ambiguous and powerful,” saying:
“This is a shopping list and we’re not planning to deal with a climate emergency, we’re committed only a small portion of the resources needed.”
However, the director of Bank Conister Finance & Leasing Ltd, which focuses on small businesses, was even more encouraging by welcoming SMEs’ PM pledges and future opportunities.
“The government’s plan shows that some concrete commitments have been announced to accelerate the movement towards a net zero carbon economy by 2050, indicating that they are serious about the transition to a new economy. There is an important opportunity for the SME sector to capitalize on this transition.”
Randeep Somel, fund manager for M&G’s new Climate Change Solutions Fund, launched this week.
“The UK government is amazed at the main source of CO2 in our economy: power generation, transportation and building efficiency.
“These investments will not only help the UK reach Paris climate contract commitments, but will also provide a stimulus to an economy still embroiled from the Covid-19 pandemic.
“The UK has begun a process of addressing countless challenges through the announcement of the Green Industrial Revolution. Critics may say that the £4 billion allocated so far by the government is too small, but that is a strong statement of intent and likely to spur many multiples of the government’s figures that private sector investments have been announced.
Nicola Shaw, UK Executive Director of National Grid, concluded the mixed reaction with a petition for companies to work with the government to achieve PM’s commitment.
“The Prime Minister has built a major ambition for a net-zero transition, including commitments to offshore wind, hydrogen and carbon capture and storage.
“Now, industry and government must work together to turn this ambition into reality. Transformative investments will bring about real change and create jobs in every part of the country.”
