Budget 2018 doesn’t live up to government’s clean growth ambitions

Reacting to the Budget presented to Parliament today by the Chancellor, Philip Hammond, Nick Molho, Executive Director of the Aldersgate Group said: “Despite some positive announcements on industrial energy efficiency and plastics, today’s budget – and the way in which it was presented – did little to match the commitment to clean growth the government showed during Green GB Week. The creation of an industrial energy transformation fund is welcome and targets public funding at an essential part of the economy that needs support to cut its emissions, but it would be made even more effective if combined with measures to support a renewed roll-out of onshore renewable energy to lower power prices for industry [1].”

Nick Molho added: “As the red book recognises today, ‘the economy of the future will be low carbon and green’ and the UK is well positioned to compete in this global transition. It is essential that the government backs its commitment to clean growth in the next Spending Review and upcoming legislation. Priorities should include introducing new regulations and fiscal incentives to accelerate energy efficiency investments in domestic and commercial buildings, accelerating the phase out of polluting vehicles and roll out of electric vehicles, providing clear visibility to investors on carbon pricing and introducing an ambitious Environment Bill with legally binding goals that drives improvements in the natural environment.”