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Investment in Green Projects

Volume 701: debated on Monday 18 October 2021

A year on from the publication of the ten point plan the Government can confirm more than £5.8 billion of investment in green projects has been secured, along with at least 56,000 jobs in the UK’s clean industries.

This major green investment boost helps to drive forward the Government’s ambitions to make the UK a global leader in green technology and finance. It includes more than £650 million in advancing offshore wind this year alone, supporting almost 3,600 jobs across the Humber and North-East, and over £900 million in accelerating the shift to zero emissions vehicles. As part of this Envision AESC will invest over £400 million in battery manufacturing, for example, as part of a £1 billion project with Nissan and Sunderland Council to create a flagship electric vehicle hub. ENI Spa has invested more than £400 million in offshore wind.

This week’s global investment summit in London is expected to attract almost 200 leading industry figures from around the world to invest in the best of UK green business and innovation. Securing private investment for clean technology is a core part of the Government’s strategy to meet our world-leading emissions reductions targets over the next decade and achieve net zero by 2050. Our upcoming net zero strategy, to be published this week, builds on the Ten Point Plan, setting out how we will deliver on our net zero commitments, giving businesses the certainty they need to invest.

Further progress since the ten point plan includes:

Securing around £1.5 billion of investment into our offshore wind industry, supported by the Government’s £160 million scheme to upgrade ports and infrastructure. Renewables now represent almost 40% of the UK’s total electricity generation.

Kicking off the biggest-ever round of our flagship renewable energy scheme for low carbon electricity—contracts for difference—with £200 million for offshore wind projects and £24 million for floating offshore wind.

Publishing the hydrogen strategy to grow the UK hydrogen economy, consulting on design of the £240 million net zero hydrogen fund, and announcing funding of seven real-world hydrogen transport pilots.

Committing £20 million to increase on-street charge points for electric vehicles and providing £50 million to support charge point installations.

Publishing our transport decarbonisation plan and national bus strategy, as well as supporting Coventry to become UK’s first all-electric bus city and consulting on world-leading pledge to end the sale of all new, polluting road vehicles by 2040 and net zero aviation emissions by 2050. This is on top of more than 300 new walking and cycling schemes.

Providing £1 billion to upgrade schools, hospitals, and council buildings with energy efficiency measures and committing £222 million to upgrade socially rented homes. Local Authorities through the Green Homes Grant scheme have also started installing upgrades to around 50,000 low-income households.

Announcing £19.5 million of grant funding for UK projects developing novel carbon capture technology and we have kicked off the process to decide the first carbon capture cluster locations in our industrial heartlands.

Launching the floods investment programme that is on track to better protect 336,000 properties.

Awarding 90 projects under the second round of the Green Recovery Challenge Fund, totalling £80 million of investment, and launched several schemes under the Nature for Climate Fund to expand our pipeline of tree planting projects in England.

Launching the £1 billion Net Zero Innovation Portfolio, providing funding for low-carbon technologies and systems across the areas of the ten point plan.

Launching our landmark North sea transition deal and industrial decarbonisation strategy.