Comment on Labour green investment pledge

Commenting on the news that Labour will delay its pledge to invest £28bn a year in green industries if it wins power, instead ramping up investment over time from a 2024 election win [1], Jess Ralston, Head of Energy at the Energy and Climate Intelligence Unit (ECIU) said: “Since the Inflation Reduction Act was passed nearly a year ago, spades have hit the ground in the US, but the UK's been stuck in the mud.

“Businesses like Arrival, Oxford PV and Johnson Matthey have made clear that investments are already being switched to the other side of the Atlantic, with the UK set to miss out on future investment in key industries like green hydrogen as the US and EU increasingly back green growth.

“Whichever party is in charge in the coming years will have to prove why organisations should invest here compared to the US or EU, and with the global race heating up, there's really no time to lose.”

ENDS

Notes to editors:

1. Labour waters down £28bn green investment pledge: https://www.bbc.co.uk/news/uk-politics-65853872

For more information:

George Smeeton, Head of Communications, ECIU, Tel: 07894 571 153, email: george.smeeton@eciu.net