U.K. Government Announces GBP 350 Million Budget for Green Recovery Spending

On July 22, 2020, the British government announced a GBP 350 million budget to fund the decarbonization of heavy industry and the construction, transportation, and aviation sectors. This green recovery spending is earmarked to support the U.K.’s target to reach the net-zero target by 2050 and advance green innovation. The press release provides details about the allocation of funds to several projects and sectors.

Prime Minister Boris Johnson emphasizes:

“We’ve made great strides towards our net-zero target over the last year, but it’s more important than ever that we keep up the pace of change to fuel a green, sustainable recovery as we rebuild from the pandemic.”