UK Government Outlines 10-Point Plan for a Green Industrial Revolution

On November 17, 2020, the United Kingdom government unveiled its 10-point green recovery plan. The GBP 12 billion stimulus package will benefit the green economy across the country, for instance going toward carbon capture, hydrogen, nuclear, electric vehicles, and renewable energy. Prime Minister Boris Johnson estimates that the green recovery plan will create 250,000 new jobs and expects the plan to mobilize significant private sector investments in support of the United Kingdom’s 2050 net-zero goal.

The Ten Point Plan for a Green Industrial Revolution includes (among other measures):

  • GBP 500 million in funding for green hydrogen projects
  • GBP 200 million for carbon capture and storage projects
  • GBP 1.3 billion for electric vehicle charging points
  • GBP 500 million to foster electric vehicle battery production
  • GBP 1 billion to extend the Green Homes Grant and Public Sector Decarbonization schemes for a further year.

In addition, the plan comprises ambitions to protect and restore nature across the country, to make walking and cycling more attractive, and to make the City of London a centre of green finance.

While the plan was appreciated by many organizations and businesses, one criticism is that only around GBP 4 billion of the promised funding had not been previously announced, causing doubts about whether the plan will suffice to spark a green recovery and get the United Kingdom on track for net-zero.