KPMG UK comments on the UK Government’s ten-point plan for a green industrial revolution
KPMG UK comments on the UK Government’s ten-point plan
Commenting on the 10 Point Plan, Simon Virley, Head of Energy and Natural Resources at KPMG UK said.
On the overall plan:
“This is a very ambitious set of commitments aimed at both stimulating jobs and investment across the country and achieving the UK's Net Zero target. Investors will want to see the details of the policies and delivery mechanisms in the upcoming Energy White Paper and other policy statements to back up the grand ambitions set out by the Prime Minister.”
“10 years ago, after the financial crash, ‘green’ technologies were often seen as an expensive luxury. Now, with renewables reaching cost parity with fossil fuels and electric vehicles becoming comparable with petrol and diesel cars (on a lifetime cost basis), going ‘green’ is seen as a way to create jobs and investment.”
On electric vehicles:
“The ban on petrol and diesel car sales from 2030 is one of the most demanding in the world and will drive significant change in the automotive sector. But the Government does now need to put the charging infrastructure in place to make it viable.”
On offshore wind:
“If the Government is serious about achieving 40GW of offshore wind by 2030, it will need to start now on a programme of removing the non-financial barriers, like grid connections and consenting, plus start reforming the market framework to attract the necessary private sector investment.”
“The recognition that hydrogen is to play a key role in the move to Net Zero is welcome. The upcoming hydrogen strategy needs to set out the funding mechanisms and policy frameworks for how this is going to work in practice.“
On green finance:
“The UK has a unique opportunity in the run up to COP26 to set the gold standard in terms of corporate disclosure and reporting on climate risks. The aim should be to get other countries to follow our lead, so that a way forward on global reporting standards can be agreed in Glasgow.”
Notes to Editors:
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