A UK Spring Budget for green growth

Spurring investment in energy independence and cleantech

A tree with fresh green leaves on a London street, with the top of the Gherkin visible in the background.
Spring in the City of London. The UK government can use the 2024 statement to spur investment in UK industries and deliver green growth. Photo by John Keogh on Flickr.

Major investments in the UK’s critical energy infrastructure, industrial heartlands and cleantech industries are needed to help Britain compete on the global stage. Long-term policy and fiscal decisions are essential to attract private finance and spur investment in UK skills and supply chains.

Focused investment would increase the UK economy’s resilience to external shocks, push down bills and tackle inflation. We encourage the government to use the Spring Budget as an opportunity to deliver green growth.

Recommendations for the UK’s Spring Budget

Spur investment in home upgrades

Making our homes energy efficient and reducing household exposure to volatile fossil fuel markets boosts energy security. The government can address two major policy gaps that are holding back progress.

Boost home-grown clean energy infrastructure

We are not on target to meet the government’s target of 50 GW new offshore wind by 2030. The UK must renew the confidence of the renewable energy industry.

  • Make sufficient funding available for the renewable energy Contracts for Difference auction.
  • Fund essential new sources of electricity system flexibility to balance supply and demand.
  • Reduce energy bills for fuel-poor households now and develop more permanent solutions, such as a social tariff.

Future-proof UK industry and jobs

UK industries’ ongoing international competitiveness depends on their ability to supply growing global demand for low-carbon industrial products. Policy and investment support can help the industry and manufacturing sectors rapidly decarbonise.

Commit to a plan to mobilise green investment at scale

The transition offers significant economic opportunities. To capture them, the government needs to provide a stable regulatory environment, and clarity and reassurance to investors of the UK’s attractive green investment offer.

Read the full briefing.


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