Comment: Labour Green Investment pledge

Commenting on the news that Labour is to announce that it will row back on its green investment plans [1], Jess Ralston, Energy Analyst at the Energy and Climate Intelligence Unit (ECIU) said: “A lack of investment in insulating homes and building more British renewables over the past decade left UK households on the hook for high gas prices, which cost bill payers and taxpayers in the region of £50-60 billion in one year alone. [2] Each home could have saved up to around £2,000 last year had we made those investments. [3]

“If we want warm homes, reasonable bills, and energy independence, investment is required. Switching to heat pumps will leave us less dependent on foreign gas imports, running our home heating instead on electricity from British renewables.

“There is a global economic race to build clean industries and Britain has to compete for green investment. Investors are looking for policy certainty and a clear plan from policy makers.”

ENDS

Notes to editors:

1. Starmer to announce scaling back of £28bn green investment plan: https://www.theguardian.com/politics/2024/feb/07/keir-starmer-to-announce-scaling-back-of-28bn-green-investment-plan
2. ECIU: The Cost of Gas since the Russian Invasion of Ukraine: https://eciu.net/analysis/reports/2023/the-cost-of-gas-since-the-russian-invasion-of-ukraine
3. ECIU: Cost of NOT zero in 2023: https://eciu.net/analysis/reports/2024/cost-of-not-zero-in-2023

For more information or for interview requests:

George Smeeton, Head of Communications, ECIU, Tel: +44 (0)7894 571 153, email: george.smeeton@eciu.net