How can Chancellor Rishi Sunak’s budget help the green economy and impact jobs in the sustainability and environment sectors? Will it help generate green jobs and kickstart recruitment?
City of London the hub for high quality voluntary carbon offsets
Aim to position the UK and the City of London as the “leading global market for high quality voluntary carbon offsets”.
Environmental remit for the Bank of England
The Monetary Policy Committee of the Bank of England’s remit has been updated to reflect the “importance of environmental sustainability and the transition to net zero”.
First sovereign green bond
The government will issue its first sovereign “green bond” over the summer and later in 2021.
New infrastructure bank
The planned UK infrastructure bank, based in Leeds, will begin operating in an interim form “later in spring 2021”. Deploying £12bn of equity and debt capital and issuing up to £10bn of guarantees.
Environmental taxes frozen
The government will freeze the Aggregates Levy rate for 2021/22 and will maintain the freeze on Carbon Price Support rates at £18 per tonne of carbon dioxide in 2022/23.
Green retail savings product
A “green” retail savings product through National Savings and Investment will be launched in the summer of 2021. Giving UK savers the opportunity to “take part in the collective effort to tackle climate change.
Some good news for green finance, encouraging investment and highlighting the UKs commitment to net zero. Jobs wise, this could be good news for those working in ESG or SRI roles or those wanting to shift their current financial roles into something more purpose-driven.
£20m to fund a UK-wide competition to develop floating offshore wind demonstrators. This will meet the aim of generating enough electricity from offshore wind to power every home by 2030.
£68m to fund a UK-wide competition to deliver first-of-a-kind long-duration energy storage prototypes. Designed to reduce the cost of net zero through storing excess low carbon energy over longer periods.
£4m of funding for a biomass feedstocks programme in the UK. The money will be used to identify ways to increase the production of green energy crops and forest products that can be turned into energy.
Investment in Renewable Energy should also see growth in jobs across the different sectors. Whether through design and development or infrastructure and engineering, moving from ‘dirty’ to clean energy sources should see both movement in the jobs market for transferable skills and new openings for the new technologies.
Positive news forsustainability and energy recruitment, and the green agenda, but still a lot of work to be done if the 2050 net zero goals are to be met.
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