Green infrastructure was a hot topic for the Chancellor of the Exchequer, Rishi Sunak, at the last budget announcement.
We reveal the government’s latest plans and initiatives for the area below.
Budget 2021
There were several green initiatives announced by Chancellor Rishi Sunak in the Budget.
Last week he announcement that the new UK Infrastructure Bank will open in Leeds with £12 billion capitalisation from the Government. The Bank will aim to fund £40 billion worth of projects.
Mr Sunak also reiterated the need for a commitment to green investment and confirmed that green projects will be funded through a green recovery bond.
He said:
“Our future economy needs investment in green industries across the United Kingdom. So I can announce today the first ever UK Infrastructure Bank.
Located in Leeds, the Bank will invest across the United Kingdom in public and private projects to finance the green industrial revolution.
Beginning this spring, it will have an initial capitalisation of £12 billion and we expect it to support at least £40 billion of total investment in infrastructure.”
The Chancellor also announced £20 million to fund UK-wide competition to develop floating offshore wind demonstrators and help support the Government’s aim to generate enough electricity from offshore wind to power every home by 2030.
Other commitments to support green initiatives included a £68 million fund for a UK-wide competition to deliver first-of-its-kind long-duration energy storage prototypes which will reduce the cost of net zero by storing excess low carbon energy over longer periods.
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