Across the UK, projects are underway to help significantly improve the country’s environmental impact and achieve the Prime Minister’s ambition of turning the UK into a global leader in green technology and finance. Supporting the delivery of those efforts, new data has shown more than £5.8bn of foreign investment into green projects since the launch of that ambition.
The Prime Minister’s Ten Point Plan identified key steps for the UK to take to revolutionise green industry in the country, with both central government and local authorities keenly involved across the country.
Now, new data from the Department for International Trade, has highlighted the significant influx of financing for these projects to have been secured from outside the UK too since the plan, alongside at least 56,000 jobs in the UK’s clean industries over the next decade.
This foreign investment includes more than £650m in advancing offshore wind in 2021 alone, supporting close to 3,600 jobs across the Humber and North East, and over £900m towards widescale zero-emissions vehicle adoption.
For example, Chinese-Japanese collective Envision AESC have committed to a £400m investment in battery manufacturing, as part of a £1bn project alongside Nissan and Sunderland City Council to create a flagship Electric Vehicle Hub in the North East city.
Elsewhere, Italian firm Eni S.p.A. invested more than £400m into the UK’s offshore wind sector, which has been a burgeoning source of opportunities in regions such as Teesside and Humber.
Part of Tees Valley Mayor Ben Houchen’s vision for the region, offshore wind is seen as one of the areas of opportunities for the Teesport development – coupling the UK’s levelling up agenda with internal and external investment. Back in March 2021, the UK Government itself committed £95m to develop offshore wind farm sites in the region.
Alongside this, the Prime Minister’s Ten Point Plan will also mobilise £12bn of direct government investment over the next decade and support up to 250,000 highly skilled green jobs in the UK – unlocking three times as much private sector investment by 2030.
Both are seen as key steps to achieving the UK’s 2050 net zero emissions deadline.
Prime Minister Boris Johnson said: “These new figures are yet more evidence that going green means creating high quality jobs across the United Kingdom.
“We are at the forefront of seizing these new opportunities, supported by major government investment and a British zeal for innovation and commerce.
“Since the launch of our Ten Point Plan businesses across the country have attracted international investment in the industries of the future, ensuring we build back better and greener.”
International Trade Secretary Anne-Marie Trevelyan added: “The UK is already one of the most attractive investment destinations in the world and the Global Investment Summit will build our reputation further as we bring the world’s top business names to our shores.
“Inward investment helps level up the UK by making companies more profitable, which means they can invest back into local economies and create stronger supply chains, meaning more sustainable communities for the future.
“Investment in new technologies and green innovation will also be vital as we make progress to net zero emissions and delivering the Prime Minister’s Ten Point Plan.”
PSE recently held an event around public sector decarbonisation. All content from the day can be viewed on-demand here.