UK Finance Secretary Jeremy Hunt has criticized market ‘distortions’ caused by massive US green energy subsidies, but London’s announcements on its own energy and environment strategy, which they delay the new financing until the fall, they are far from convincing. “Transforming our energy system is no longer just about fighting climate change, it’s also about national security,” Jeremy Hunt said Thursday in a column published by the newspaper. The timesnoting also the “threats of protectionism” in the world economy.
The skyrocketing oil prices in the aftermath of the war in Ukraine hit the UK, which is heavily dependent on gas, particularly hard. Jeremy Hunt assured British lawmakers on Wednesday that the government was looking into possible measures to help the country remain “competitive” but that details would have to wait for the autumn budget presentation.
The Chancellor of the Exchequer specifies that the UK will prefer to “direct public funding strategically to areas where the UK has a clear competitive advantage”.
Recycling of already public measures for environmental NGOs
Pending the details of this financing in the autumn, with the country’s commitment to carbon neutrality by 2050 in sight, the announcements made by the government on Thursday disappointed the opposition such as environmental NGOs, which accuse the executive of recycle already public measures. “These announcements are notable above all for their glaring omissions” about onshore wind power, home insulation or the response to Washington’s climate plan, denounced opposition Labor MP in charge of energy issues, Ed Miliband.
The Government reiterated this Thursday, in particular, a series of measures already announced, such as an investment of 20,000 million pounds over 20 years in carbon capture and its willingness to accelerate the development of renewable and nuclear energies. “These piecemeal, heated and confusing announcements are simply not enough to effectively combat climate change or provide safe and affordable energy to homes,” Greenpeace said in a statement.
The NGO says it will review announcements about the government’s carbon neutral strategy and could take legal action “if ministers have failed yet again.”
A risk of increased business spending
“Private investment will be crucial to achieve the goal of carbon neutrality” which will require additional investments “of 50 to 60 billion pounds by the end of 2020 and 2030,” the government acknowledged in a document, also published on Thursday, in your green finance strategy. London says in particular that the transition is “a growth opportunity for the UK”. But if the Government “has captured the magnitude of the climate challenge with a great plan to stimulate the production of green energy”, “it must not forget the companies” that will see their expenses skyrocket to meet the objectives of reducing energy consumption, warn British Chambers of Commerce.
London also launched consultations on Thursday in several areas (zero-emission vehicles, acceleration of renewable energy projects, carbon tax) and announced the first supported projects, in particular, in the field of carbon capture. Power company Drax, whose use of biomass to green its production is criticized, is not one of these early winners, but says it has been “invited to start talks immediately” with the government. After initially falling, its share price rallied strongly on Thursday (+6.09% to 609.50 pence around 15:25 GMT).
A report by the Climate Change Committee (CCC), the body in charge of advising the Government on its climate strategy, stated on Wednesday that despite the consequences that are already clearly visible, the United Kingdom has not made sufficient efforts to prepare for the countries. to adapt to global warming.
Source: BFM TV
