Prime Minister's Ten Point Plan kickstarts green investment boom

15 Oct 2021 09:14 AM

More than £5.8 billion of foreign investment in green projects has been secured since the launch of the Prime Minister’s Ten Point Plan.

More than £5.8 billion of foreign investment in green projects has been secured since the launch of the Prime Minister’s Ten Point Plan, along with at least 56,000 jobs in the UK’s clean industries, the government has set out today (Friday 15th October).

This major green investment boost, revealed in new data released by the Department for International Trade, helps to drive forward the Prime Minister’s ambitions to make the UK a global leader in green technology and finance. It includes more than £650 million in advancing offshore wind this year alone, supporting almost 3,600 jobs across the Humber and North-East and over £900 million in accelerating the shift to zero-emissions vehicles.

Envision AESC will invest over £400 million in battery manufacturing for example, as part of a £1 billion project with Nissan and Sunderland Council to create a flagship Electric Vehicle Hub. ENI Spa has invested more than £400 million in offshore wind.

UK and international investment has backed the vision of a Green Industrial Revolution since the Prime Minister’s Ten Point Plan was launched, with around 56,000 green jobs across the UK economy either already online or in the pipeline over the next decade – including in electric vehicle manufacturing in Sunderland, Hydrogen facilities in Teesside, and offshore wind in Northumberland, Yorkshire and Humber.

Next week’s Global Investment Summit in London is expected to attract almost 200 leading industry figures from around the world to invest in the best of UK green business and innovation. Securing private investment for clean technology is a core part of the government’s strategy to meet our world-leading emissions reductions targets over the next decade and achieve Net Zero by 2050.

Prime Minister Boris Johnson said:

These new figures are yet more evidence that going green means creating high quality jobs across the United Kingdom.

We are at the forefront of seizing these new opportunities, supported by major government investment and a British zeal for innovation and commerce.

Since the launch of our Ten Point Plan businesses across the country have attracted international investment in the industries of the future, ensuring we build back better and greener.

International Trade Secretary Anne-Marie Trevelyan said:

The UK is already one of the most attractive investment destinations in the world and the Global Investment Summit will build our reputation further as we bring the world’s top business names to our shores.

Inward investment helps level up the UK by making companies more profitable, which means they can invest back into local economies and create stronger supply chains, meaning more sustainable communities for the future.

Investment in new technologies and green innovation will also be vital as we make progress to net zero emissions, and delivering the Prime Minister’s Ten Point Plan.

Business and Energy Secretary Kwasi Kwarteng said:

The UK is fully capitalising on the global green industrial revolution, showing the world how business and industry can remain competitive and attract international investment in this race to secure new green industries.

As we power on with our plan to back new British industries - from car battery makers to wind turbine designers – we are laying the foundations for a new era of green jobs and decades of economic growth to come.

This comes as the Prime Minister convenes a regional Cabinet in the South-West of England. Ministers are expected to discuss UK climate leadership ahead of COP26 in Glasgow in just over two weeks’ time, as well as the opportunities of the upcoming Net Zero Strategy for boosting jobs and investment.

Claudio Descalzi, chief executive of Eni, said:

Eni is strongly committed to the energy transition and we will reach net zero emissions by 2050, scope 1, 2 and 3, deploying existing technologies in areas such as carbon capture and storage, renewables, hydrogen, circular economy and sustainable mobility.

We’re developing breakthrough technological solutions, such as magnetic fusion. Our decarbonization strategy is therefore pragmatic and concrete, and we consider UK as a strategic country to invest in.

Lei Zhang, founder and chief executive of Envision Group, said:

Our mission is to be the net zero technology partner of choice for global enterprises, governments, and cities. We are delighted to work with Nissan and Sunderland City Council to drive carbon neutrality and zero-emission mobility, setting a new blueprint for the future of the automotive sector and creating the first EV hub in the UK.

The PM Ten Point Plan will mobilise £12 billion of government investment over the next decade to create and support up to 250,000 highly skilled green jobs in the UK – and unlock three times as much private sector investment by 2030. The government’s Net Zero Strategy will build on its progress and set out a clear path to net zero emissions by 2050.

Further progress since the Ten Point Plan includes:

• Securing around £1.5bn of investment into our offshore wind industry, supported by the government’s £160m scheme to upgrade ports and infrastructure. Renewables now represent almost 40% of the UK’s total electricity generation.
• Kicking off the biggest-ever round of our flagship renewable energy scheme for low carbon electricity (Contract for Difference) with £200 million for offshore wind projects and £24m for floating offshore wind.
• Publishing the Hydrogen Strategy to grow the UK hydrogen economy, consulting on design of the £240m Net Zero Hydrogen Fund, and announcing funding of seven real-world hydrogen transport pilots.
• Committing £20 million to increase on-street charge points for electric vehicles and providing £50m to support charge point installations.
• Publishing our Transport Decarbonisation Plan and National Bus Strategy, as well as supporting Coventry to become UK’s first all-electric bus city and consulting on world-leading pledge to end the sale of all new, polluting road vehicles by 2040 and net zero aviation emissions by 2050. This is on top of more than 300 new walking and cycling schemes.
• Providing £1 billion to upgrade schools, hospitals, and council buildings with energy efficiency measures and committing £222 million to upgrade socially rented homes. Local Authorities through the Green Homes Grant scheme have also started installing upgrades to around 50,000 low-income households.
• Announcing £19.5 million of grant funding for UK projects developing novel carbon capture technology and we have kicked off the process to decide the first carbon capture cluster locations in our industrial heartlands.
• Launching the floods investment programme that is on track to better protect 336,000 properties.
• Awarding 90 projects under the second round of the Green Recovery Challenge Fund, totalling £80 million of investment, and launched several schemes under the Nature for Climate Fund to expand our pipeline of tree planting projects in England.
• Launching the £1 billion Net Zero Innovation Portfolio, providing funding for low-carbon technologies and systems across the areas of the 10 Point Plan.
• Publishing the recommendations of the Green Jobs Taskforce.
• Launching our North Sea Transition Deal and Industrial Decarbonisation Strategy.