Chancellor's Autumn Statement fails to illuminate the UK’s Green Future
Mark Lumsdon-Taylor · November 23rd 2023 · read
The Chancellor’s green energy transition policies raise more questions than answers.
Despite a plethora of measures, the Chancellor was short on green policy detail. This was demonstrated by the plan to expand the UK’s electricity grid to improve clean energy grid access by up to 90%. While great on paper, we’re left with important questions concerning missing incentives for the Energy Generator Levy and how green electricity generators will help meet the UK’s long term energy transition and security objectives.
The statement also provides the automotive sector with more questions than answers, particularly over the roadmap for the UK’s EV charging infrastructure. The government must go further to provide transparency on how they will foster a mixed economy of technology including hydrogen, hybrid and EVs within a clear, long-term commitment for the automotive sector.
The governance and social aspect of ESG is not aligned, and whilst National Insurance for the self-employed through the abolishment of class 2 and reduction of class 4 from 9% to 8% is positive, more needs to be reported.
The £960m for a new Green Industries Growth plan covering offshore wind, nuclear, CCS, and hydrogen is also welcome, as is making full expensing permanent. That said, it’s highly questionable whether today’s statement will accelerate the green energy transition and encourage businesses to invest in sustainable technologies with confidence.
Positive measures announced for the Automotive sector in the Autumn Statement
What does the Autumn Statement 2023 mean for ESG?
Watch our Sustainability and ESG experts Mark Lumsdon-Taylor and Tim Dee-McCullough look at the Autumn Statement through an ESG lens.
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