{"id":136895,"date":"2024-02-12T07:01:07","date_gmt":"2024-02-12T07:01:07","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=136895"},"modified":"2024-02-12T12:50:20","modified_gmt":"2024-02-12T12:50:20","slug":"labour-ditch-flagship-28bn-green-investment-pledge","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/energy-news\/labour-ditch-flagship-28bn-green-investment-pledge\/136895\/","title":{"rendered":"Labour to ditch flagship \u00a328bn green investment pledge"},"content":{"rendered":"<h2><a href=\"https:\/\/labour.org.uk\/missions\/clean-energy\/\" target=\"_blank\" rel=\"noopener\">Labour<\/a> has dropped their \u00a328bn green investment pledge, which was proposed as a means to grow green jobs and targets<\/h2>\n<p>The Labour party is no longer planning to spend \u00a328bn a year as part of its flagship green investment pledge, it has been announced.<\/p>\n<p>First announced by shadow chancellor Rachel Reeves in September 2021, the pledge has been subject to several changes, often thought to be in response to the given political atmosphere.<\/p>\n<p>As Labour gears up for a general election later this year, it is thought the green investment pledge was dropped due to what critics considered reckless spending and the party&#8217;s desire to appear fiscally responsible.<\/p>\n<h3>The green investment would have boosted infrastructure spending<\/h3>\n<p>At various points over the policy&#8217;s lifetime, Labour&#8217;s green investment plans included:<\/p>\n<ul>\n<li>Boosting everyday infrastructure such as home insulation, cycle paths, tree planting and flood defences<\/li>\n<li>Investing in <a href=\"https:\/\/www.pbctoday.co.uk\/news\/energy-news\/tata-signs-4bn-gigafactory-somerset\/130015\/\" target=\"_blank\" rel=\"noopener\">gigafactories to build batteries for electric vehicles<\/a>, the hydrogen industry, offshore wind turbines<\/li>\n<li>Creating a publicly-owned green power company<\/li>\n<li>&#8220;Scaling back&#8221; all of the above<\/li>\n<li>Building up to the \u00a328bn spend a year gradually, rather than immediately<\/li>\n<\/ul>\n<h3>The news received a mixed political response<\/h3>\n<p>Former shadow energy secretary Barry Gardiner described the move as &#8220;strategically incompetent\u201d to the BBC.<\/p>\n<p>Prime minister Rishi Sunak said the u-turn was emblematic of Starmer&#8217;s lack of consistency:\u00a0\u201cThis was the flagship plank of Labour\u2019s economic policy and it now looks like he\u2019s trying to wriggle out of it.\u201d<\/p>\n<h3>The UK is falling behind on sustainable energy security, warns industry<\/h3>\n<p>Thomas Farquahr, co-founder of clean tech start up <a href=\"https:\/\/www.heatio.co.uk\/\" target=\"_blank\" rel=\"noopener\">Heatio<\/a> said: &#8220;For years now, commitment to a low carbon future and energy security in UK homes has been a can kicked further and further down the road. No government has fully grasped the issue and it&#8217;s disappointing to see Starmer drop such an innovative plan that would have helped kickstart the economy, provide countless jobs, a low carbon future and energy security for UK consumers.<\/p>\n<p>\u201cThe rest of Europe is flying ahead with<a href=\"https:\/\/www.pbctoday.co.uk\/news\/energy-news\/heat-pumps-vs-gas-boilers-tipping-point\/134405\/\" target=\"_blank\" rel=\"noopener\"> heat pump technology<\/a> that is successfully and efficiently warming homes in cold climates. Instead, the UK is stalling. We are still installing 1.7m gas boilers, and are handcuffing ourselves to high gas prices that spike &#8211; leaving more and more people in fuel poverty.<\/p>\n<p>\u201cAs a clean tech start-up, confidence in a green future is key for securing investment. Starmer&#8217;s move is a blow to those raising capital in such an innovative and exciting industry that can make such a difference to both climate change and consumer&#8217;s pockets.\u201d<\/p>\n<h3 style=\"margin-bottom: 8.0pt; background: white;\"><span style=\"color: black;\">RIBA president Muyiwa Oki said:\u00a0<\/span><\/h3>\n<p style=\"margin-bottom: 8.0pt; background: white; white-space: pre-wrap;\"><span style=\"color: black;\">\u201cWith the climate emergency intensifying, 19m UK homes are still in dire need of upgrading. Ambitious and sustained investment from whomever forms the next Government, and the private sector, will be critical to address the scale of this challenge.\u00a0 <\/span><\/p>\n<p style=\"margin-bottom: 8.0pt; background: white; white-space: pre-wrap;\"><span style=\"color: black;\">&#8220;And there\u2019s a solution. We must futureproof homes with a well-funded National Retrofit Strategy &#8211; a long-term plan that will also create jobs, boost green skills and level up the country.\u00a0 <\/span><\/p>\n<p style=\"margin-bottom: 8.0pt; background: white; white-space: pre-wrap;\"><span style=\"color: black;\">&#8220;Act now, or future generations will pay the price. As ever, we stand ready to contribute to creating a more sustainable and resilient built environment &#8211; to making the future a better place.\u201d <\/span><\/p>\n<div class=\"mk-custom-module-container\">\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Labour has dropped their \u00a328bn green investment pledge, which was proposed as a means to grow green jobs and targets.<\/p>\n","protected":false},"author":25,"featured_media":136904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[307],"tags":[276,93645,465],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-136895","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-energy-news","8":"tag-government","9":"tag-net-zero","10":"tag-sustainable-construction"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Labour to ditch flagship \u00a328bn green investment pledge | Planning, Building &amp; 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