Green economy provisions featured heavily in the UK Budget, as the Treasury aims to align the UK’s long-term climate and environmental targets, including the UK’s 2050 net-zero goal. A Net-Zero Innovation Fund, green savings bonds for retailers, funding to transition Scotland away from oil and gas and the setting up of a National Infrastructure Bank were all detailed by the Chancellor.
The Chancellor commented that “the Budget also coincides with the publication of the government’s new Build Back Better: our plan for growth strategy, setting out how infrastructure, skills and innovation will drive the UK economy.”
Reaction from Kevin Brundish, CEO of AMTE Power – a company servicing the electric vehicle and energy storage markets, producing innovative lithium-ion battery cells, with a factory in Thurso, Scotland, and gigafactory expansion plans.
Kevin Brundish comments: “We welcome the Chancellor’s Budget announcements, especially his pledge of £15 billion in green bonds, to help finance the transition to net zero. It demonstrates the country is serious about meeting ambitious environmental targets and becoming an attractive place to invest in green technology such as the move to electric vehicles.”
Kevin Brundish concludes: “By investing in next-generation battery technology in the UK, the transition to electrification can be better supported, instead of relying on large-scale overseas manufacturers. The coronavirus outbreak, and the Brexit arrangements relating to source of origin for component parts, have brought into focus the uncertainty of relying on overseas suppliers within supply chains. It is costly, has tax implications for trading with the EU, and increases carbon footprint to have these batteries imported, especially when the UK has the talent and capabilities at home.”