Nick Clegg, UK Deputy Prime Minister, yesterday updated the Conservative / Liberal Democrat Coalition government’s plans for addressing climate change.
Key elements of the announcement include:
– householders, businesses and landlords will be able to improve the energy efficiency of their homes and buildings at no up-front cost. Householders will be able to access up to £10,000 ($16,000 CDN) investment and repay it through the expected energy bill savings they enjoy as a result.
– Legally binding targets to reduce the UK’s carbon emissions.
– A cut to carbon emissions of 50% of 1990 levels by 2025.
– A Green Investment Bank to manage capital funds that want to invest in the green economy, and firms bursting to grow but desperate for funds. In addition to providing a link between green investors and green companies and projects, the Bank will also provide finance for low carbon infrastructure. The bank will invest in a range of different industries, including manufacturing, engineering, and energy. The benefits will be largely felt outside of London, and in sectors other than financial services. The Government has guaranteed £3 billion for the initial capitalization.
The Deputy Prime Minister’s speech, which contains more details, is available at http://www.dpm.cabinetoffice.gov.uk/news/deputy-prime-minister-s-speech-green-growth-climate-change-capital