A couple of weeks ago, Prime Minister Boris Johnson announced the UK Government's ten-point plan to support the 2050 'net zero' target to mobilise £12 billion of government investment, to attract additional significant private investment and to create and support up to 250,000 new jobs.
The ten-point plan includes commitments to investment in offshore wind, low carbon hydrogen production, electric vehicles and nuclear and the intention to establish Net Zero Task Force.
Such government investments include an additional funding for carbon capture and storage, new hydrogen production facilities and home trials in the use of hydrogen for heating and cooking. It was also confirmed that a ban on the sale of new petrol and diesel cars and vans will be brought forward to 2030 from 2050, with additional investments planned to support the transition to electric vehicles only.
The ten-point plan has been critiqued as insufficiently setting out the important detail for developing green finance and that in order for it to be investable there needs to be specific information provided on the carbon charge and the introduction of a new Green Investment Bank to support the UK's green finance ambitions.
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