We know that the UK drastically needs to reduce carbon emissions and address biodiversity loss. Meanwhile, the public, staring down the barrel of soaring costs and economic headwinds are looking for tangible improvements to their everyday lives and local environments.
Therefore a £300 billion 10-year package of investment, rooted in fairness to transform the environment, the economy, and wellbeing was announced.
In the recent autumn statement, the chancellor set out the government’s plans to respond to the turmoil from October’s mini-budget. He outlined significant tax rises, new fiscal rules limiting borrowing, and significant cuts to public services from 2025.
Within this changed political and economic context, the politics of the 2010s with a narrow focus on debt is threatening a return. The public increasingly agree we must implement policies to address climate change, with 80% seeing this as the solution to the energy crisis. IPPR has a series of recommendations for how to tackle the issues of investment in the green economy.
Local authorities should be giving much greater capital funding for green investment. A place-specific net zero investment scenario comes at one-quarter of the cost and delivers twice the wider societal benefits. Government must identify and then devolve funding for where combined and local authorities are best placed to lead. Green investment will require a long-term approach, with significant reform to our institutions, independent oversight, and devolution of funding to local authorities.
Read the full report here.