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E3G responds to UK spending review

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Below are quotes in response to the UK spending review launched on 25 November 2020.

On the national investment bank, Kate Levick, Sustainable Finance Program Leader of E3G said:   

 “A national infrastructure bank can play a transformative role in leveraging private sector investment into the green industrial revolution. A net-zero mission must be put at the heart of the institution. It must also be given full banking powers, an independent remit, and the capital needed to drive our green recovery.” 

On green buildings, Pedro Guertler, Clean Economy Program Leader of E3G said:    

“The Spending Review is a stop-gap. It missed its opportunity to set out longer-term capital budgets for net zero buildings over the next three years – so vital for confidence to invest in scaling up the supply chain we need. It confirmed the additional £1 billion for greening buildings next year announced by the PM last week – which moves us closer to what is needed for getting buildings on track for net zero. But it being only for one year, this is far from enough.

“Longer term visibility – of the Green Homes Grant after next year and the remainder of the £9.2 billion committed in the Conservative manifesto to social housing, low income households and public buildings – is absolutely essential and needed soon. Instead, the accompanying National Infrastructure Strategy deferred further announcements on “targeted spending” – for energy efficiency and the deployment of 600,000 heat pumps per year by 2028 – to the Heat & Buildings Strategy and Energy White Paper, due in the coming months.

“I was encouraged to see the National Infrastructure Bank’s remit including net zero and levelling up, while being able to lend to Local and Mayoral Authorities. With these parameters, alongside further government investment, it is critical that the Bank is empowered to play the vital role it can in getting our homes and workplaces to net zero, supporting quality jobs in every part of the country.”

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