That’s all the more surprising given the sheer scale of the Biden act, which gives huge tax breaks, grants and loans to firms to invest in green energy in the US.
Yet here in Britain, the net zero agenda is in danger of slowing down, not speeding up. Ever since the Conservatives clung onto the Uxbridge by-election, having weaponised an air pollution travel tax, both Rishi Sunak and Keir Starmer have been keen to signal that costs come before climate. Even Tony Blair resorted to such rhetoric recently, saying: “Don’t ask us to do a huge amount when frankly whatever we do in Britain is not really going to impact climate change.” He suggested any emissions cuts the UK made would be dwarfed by any increases in China.the top 17 emitters in the worldCrucially, all these one per cents add up.
Every country knows that the private sector is itching to invest over five-, seven- or 10-year cycles. Yet there’s nothing more off-putting to an investor than uncertainty, particularly if politicians wobble on previous commitments.