- Jun 12, 2023, 2:00 PM CDT
Shadow Chancellor Rachel Reeves watered down Labour’s ambitious climate pledges last week, slashing plans to invest £28bn per year in green industry.has fallen victim to Labour’s fiscal rulesInstead, Labour will boost investment over time, reaching £28bn a year after 2027 – over halfway through its first term in office.
Labour has to show how it can build up plants quickly while containing costs – with Sizewell C straining for funds and Hinkley Point C over-budget and delayed by three years. As it stands, 75 per cent of the country’s energy consumption still supported by oil and gas, and the Climate Change Committee predicts half of the UK’s energy requirements between now and 2050 will still be met by oil and gas. It makes no sense to throttle supply before reducing demand through ramping up renewables and energy efficiency across households, public buildings and the grid.