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Labour has finally confirmed it is ditching a flagship pledge to spend £28bn-a-year on green investments if it wins the next general election.
The party says it will now spend just £23.7bn on environmental schemes over the course of its first term in office – equivalent to just under £5bn a year.
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However, Labour insists its commitment to becoming a clean superpower by 2030 remains unchanged and the reduced funding will still meet existing promises made under the original green prosperity plan.
These include:
• The launch of Great British Energy – a publicly-owned green energy company
• A National Wealth Fund to invest in British industries such as electric vehicle production
• A Warm Homes Plan to insulate millions of homes over a decade
• A British Jobs Bonus to provide capital grants to incentivise companies developing clean technologies to invest in regional areas
• Reforming the planning system to accelerate energy projects like onshore windfarms
• Making the UK the green finance capital of the world with mandatory 1.5C-aligned transition plans for major companies and financial institutions.
It is understood that when the party had announced the £28bn figure in the autumn of 2021, it had not come up with ways to spend that sum.
Labour leader Sir Keir Starmer said that while existing commitments will still be met, “what won’t now happen is that we won’t make further or new investment decisions. And that means that we won’t reach the £28bn envisaged”.
He…
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