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Green investment: “Government has its fingers in its ears”

A leading think tank has accused the government of neglecting green investment and risking the country’s position in the global race to develop and deploy green technologies.

The Institute for Public Policy Research (IPPR) has called for policies similar to US President Joe Biden’s Inflation Reduction Act (IRA) to attract billions of dollars of investment in clean energy production and electric vehicle manufacturing.

The IPPR says the US and EU are investing heavily in green technologies to create new jobs and reduce carbon dioxide emissions.

Since the IRA was passed seven months ago, US clean companies have announced more than 100,000 new jobs across 31 states, compared to 11,500 new jobs created in the UK over seven years, according to the IPPR.

IPPR’s Associate Director for Energy, Climate, Housing and Infrastructure Luke Murphy warned that the UK faces various challenges, including stagnation, inequality and climate and nature crises, which threaten to undermine the country’s path to a sustainable economic future.

Murphy said: “While our international competitors are deploying public investment and using industrial strategy to take advantage of the opportunities of the net zero economy, the UK Government appears to have its fingers in its ears.”

ELN has contacted the Treasury and the Department for Energy Security and Net Zero for comment.

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