Green investment, the North Sea, and Labour’s £28bn pledge
Via zoom, email George Smeeton to register
When: 11:30-12:30 BST 15 June 2023
Where: Webinar - please email George Smeeton
- Dhara Vyas, Deputy CEO, Energy UK
- Alex O'Cinneide, CEO and Founder, Gore Street Capital
- Gavin Bridge, Professor of Geography and Fellow of the Durham Energy Institute, Durham University
- Jess Ralston, Head of Energy, Energy and Climate Intelligence Unit (ECIU, Chair).
With a general election due in 2024, interest is growing in Labour policies as the party continues to lead in the polls. One keynote pledge has attracted particular attention: the £28 billion Labour says it will invest in green industries.
Sir Keir Starmer is expected to flesh out details of the pledge – also known as the ‘green prosperity plan’ – in the coming weeks, although the commitment was first announced at the party’s conference in 2021. Since then, the world has changed significantly, with the Ukraine war precipitating a cost-of-living crisis, and in response, President Biden introducing the US Inflation Reduction Act (IRA) – explicitly aimed at supporting green industries – and the EU doing the same, with the Net Zero Industries Act (NZIA).
With Chancellor Jeremy Hunt signalling a Government response in the Autumn to IRA/the NZIA, and questions hanging over the UK automotive and steel industries, with a decision on a Jaguar Land Rover battery factory expected, this briefing will therefore consider:
- What the 'Green Prosperity Plan' is understood to be aiming to do, and how it sits alongside other polices such as the North Sea exploration ban and 'Great British Energy';
- Whether it is likely to present a timely and coherent response to the US Inflation Reduction Act (IRA) and EU Net Zero Industries Act (NZIA);
- What the risks and opportunities are for investment in low carbon sectors in the UK, including renewable energy, transport, and other industries.