The headline policies in this strategy are welcomed , but our planned detailed analysis will compare these plans against the requirements for infrastructure investment to deliver Carbon Budget 6.
The commitments made today state they ‘will unlock up to £90 billion of private investment by 2030, and support 440,000 well-paid jobs in green industries in 2030. This will provide certainty to businesses to support the UK in gaining a competitive edge in the latest low carbon technologies’.
BEAMA welcomes the publication of this Net Zero strategy for the UK. As manufacturers our members have been long awaiting clear market certainty for the investment landscape in our industry.
We are digesting the details of this comprehensive document and will report more on whether this hits the mark for UK manufacturers, alongside other key Government strategies and documents published today. Will this deliver the market confidence needed for key investments to be made in green low carbon industries in the UK?
The strategy raises the question will the new clean machinery of the net zero future be “made elsewhere” or “made in Britain”. This implies that by moving fast we can ensure the UK is the home of the new Green Industrial Revolution.
Dr Howard Porter, BEAMA CEO states: ‘We know from work we have been conducting with our members that the question over reshoring UK industry to deliver Net Zero is still a very problematic one, and today other countries for many key sectors offer a more appealing regulatory framework for investors. Looking through the Carbon Budget 6 lens at the infrastructure requirements for Net Zero the scale of the challenge is huge. We will be publishing more in November to analyse this and associated supply chain delivery, against what has been announced today.’