Comment: Labour green investment policy

Commenting on speculation around Labour’s green investment policy, Alasdair Johnstone, Head of Parliamentary Engagement at the Energy and Climate Intelligence Unit (ECIU) said: “The recent gas crisis cost the country tens of billions of pounds, but had greater investment been made in insulating homes and renewables in the preceding years, the bill would have been much lower. By failing to invest the UK has been left much more vulnerable to the volatility of international gas markets.

“Polling of public and business leaders has shown that both are eager to see greater investment, saying they support both the Conservative Government’s action to support JLR’s Gigafactory in Somerset and Labour’s plans to invest in ramping up clean energy.

“Without ramping up investment in energy efficiency, renewables and EVs the UK’s energy independence will inevitably decline. The jeopardy is very clear.”

Previous polling conducted by Opinium for the Energy and Climate Intelligence Unit (ECIU) showed that a majority of the public supported Labours green investment plans [1].

When asked about the pledge to spend £28bn a year on investment relating to climate change, nearly half (45%) said this was “necessary” compared to a third (32%) who thought it was “reckless”.

The support ranks higher among business leaders [2]. A poll conducted by Focaldata for ECIU showed that over three-quarters (79%) of business leaders would support a similar green investment package as the one introduced by United States.

Over two thirds (66%) said of Labour’s green investment packaged “right now this plan brings more opportunities than risks”.

Polling conducted by YouGov of MPs also found that nearly three-quarters (72%) believed that avoiding U-turns is important to maintaining investor confidence.

This polling is notable at time when there are reports in the media about a possible rowing back by the Labour party on its green investment plans [3].

ENDS

Notes to editors:

1. Opinium polling conducted by Opinium. Sample size 2,150 UK adults between 1st - 9th June 2023: https://eciu.net/media/press-releases/2023/poll-brits-back-green-investment-28bn-and-government-battery-factory-support
2. Focaldata polling conducted by Focaldata of 210 business decision makers between 3rd – 6th November 2023. YouGov conducted by YouGov of 109 UK Members of Parliament between 5th- 31st October 2023: https://eciu.net/media/press-releases/2023/autumn-statement-polling-mps-and-business-leaders-agree-government-u-turns-damaging-to-investor-confidence-in-uk
3. Labour to ditch £28bn annual green investment pledge, party sources say: https://www.theguardian.com/politics/2024/feb/01/labour-to-ditch-annual-green-investment-pledge-party-sources-say

For more information or for interview requests:

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