Proposals include levies on natural gas, boosting subsidies for e-vehicles and investments in technology to capture and store carbon emissionsDays before it hosts UN negotiations on how to collar climate change, the UK released a sweeping plan to decarbonise its economy by targeting everything from the finance industry to home heating.
UK Prime Minister Boris Johnson has said that the climate talks will, as always, be “extremely tough”. Discussions among G20 leaders, which will set the tone for the Glasgow summit, have already run into major hurdles. The UK wants world leaders to agree on a plan to phase out coal, the dirtiest fossil fuel, and set a target for reaching net-zero globally. Having a plan to make difficult changes at home could help bolster its case that others should do the same.
British companies welcomed government support for heat pumps, electric vehicles, nuclear power and carbon capture, but also raised concerns about the lack of clarity on how the changes would impact their bottom lines. Environmental advocates, meanwhile, argued that the Treasury was only looking at one side of the issue, not taking into account how much the UK economy could benefit from moving quickly into clean technologies and new industries. The net-zero strategy argues that the transition would create 440,000 jobs by the end of the decade, and part of the plan relies on leveraging £90bn of private investment within that time.
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