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3bn Green Investment Package

3bn Green Investment Package 7 July 2020

Chancellor set to announce £3bn green investment package (via The Guardian)

By Larry Elliott, Peter Walker and Fiona Harvey

Rishi Sunak is to announce a £3bn package of green investment to decarbonise public buildings and cut emissions from Britain’s poorly insulated homes as part of the government’s Covid-19 economic recovery plan.

The chancellor will seek to use Wednesday’s summer statement on the economy to fend off criticism that his proposals lack ambition by insisting that he can “kick start” an environment-friendly revival through the creation of thousands of green jobs in the construction industry.

Sunak will say that the extra money for decarbonising houses, schools, hospitals, prisons and military bases will help the UK meet its target of being a carbon net zero economy by 2050, and is likely to say that further green spending will be announced later in the year.

Opposition parties and environmental groups said, however, that the green investment pledge was inadequate to meet the challenge posed by global heating.

Rosie Rogers, Greenpeace UK’s head of green recovery, said: “Surely this is just a down payment? The German government’s pumping a whopping £36bn into climate change-cutting, economy-boosting measures and France is throwing £13.5bn at tackling the climate emergency. £3bn isn’t playing in the same league.”

Read the full story here...