Green investment, the North Sea, and Labour’s £28bn pledge

When: 11:30-12:30 BST 15 June 2023

Where: Webinar - please email George Smeeton

Who

• 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).

About

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.

If you would like to attend or have any questions about it, please contact George Smeeton: george.smeeton@eciu.net, t: +44 (0)7894 571 153.