Head of Energy & Natural Resources at KPMG UK, Simon Virley comments on the budget.
Simon Virley, Head of Energy & Natural Resources at KPMG UK, commented:
“Today’s Budget did contain some important measures aimed at decarbonising the economy, including creating a fast-charging network for electric vehicles, removing reliefs for red diesel, and support for the deployment of green gases. However, much work remains to be done ahead of COP26 later this year if the Government is to have a credible, coherent plan on how to reach Net Zero.
“The Chancellor highlighted in his speech the support being given to the deployment of Carbon Capture and Storage as an example of the Government’s green credentials, yet those developing CCS projects will be wondering if there is enough money to go round.
“The Conservative Manifesto promised £800m for ‘the first’ CCS cluster. Today, the Chancellor announced that the same amount of money would be split around ‘two or more’ projects, not one as previously indicated.”
Follow us on twitter: @kpmguk #Budget2020
For further information please contact:
KPMG Press office
Tel: +44 (0) 207 694 8773
Brian O’Neill, KPMG Corporate Communications
Mobile: 07823 668 689
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.