The UK has provided almost £2.5 billion in green projects aimed at achieving net zero, the Independent said, despite Boris Johnson urging governments around the world to significantly increase investment to tackle the climate crisis.
The approximately $241 million allocated to offset the UK’s carbon emissions by 2050 was returned by the Treasury from the division to the Treasury in the last fiscal year. This money is understood to be related to the green housing subsidy scheme set up to increase the energy efficiency of the home.
Labor said the investment could help stem the rise in household spending that has pushed the cost of living to its highest level in 30 years.
Shadow Climate Change Minister Ed Miliband said: As the cost of energy for working people soars, governments must invest to help cut energy costs through insulating homes, and the eco-friendly energy sprint is self-developed. It must be driven by clean power.
Miliband added that the government’s disastrous lack of investment is stifling the country, causing job losses in the new clean industries of the future and keeping household spending high. Give your family the real support they need right now.
When the government hosted the Cop26 Climate Summit last year, it urged other countries to put more money into the transition to a low-carbon economy. However, the UK’s own bid for public spending to reach net zero has been questioned.
In March, members of the Public Accounts Committee warned that the government had no clear plan on how to finance its net-zero transition due to ambiguous performance measures and insufficient overall budgets. The Treasury has since said plans will be made in the fall, but a source warned.
The business unit was forced to hand over a portion of its net zero budget to the Treasury after spending failed.
Green housing subsidies, a key part of the Prime Minister’s push for a better rebuild, have been plagued by pressures from the Covid-19 lockdown and a shortage of trained builders and technicians to carry out the improvements.
The government also places significant weight on the private sector’s role in implementing the net-zero strategy it unveiled last year, but government accounting experts are concerned that it lacks information about when and where the funding tranches will be spent. there is. area.
We’ve seen different scenarios for achieving our net-zero ambitions, but what we don’t see is a clear and detailed view of how much government will spend and what the private sector will get, and when. Researcher at the Government Think Tank Institute.
The unused $241 million isn’t known to automatically roll over to this year’s budget, but officials told The Independent that it won’t mean a smaller quota over the next few years.
A business unit spokesperson said: We are committed to achieving our legally binding goal of zero net emissions by 2050, supported by an investment of 26 billion dollars to implement our net zero strategy. This means that it will leverage an unprecedented $100 billion in private investment by 2030, along with the UK’s energy security strategy.
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