Deloitte forecasts sustainability with the new Labour government
Sustainability according to the consulting firm Deloitte, is a key objective of the new UK government. At its heart are the supply of net zero technologies and the investment of investments for renewable energy as well as streamlining the delivery of infrastructure and improving water quality.
Deloitte states:
'By acting swiftly, the Government is placing a renewed focus on sustainability and, in doing so, aiming to provide certainty in many of these policy areas for businesses. A detailed and coherent cross-sector plan will be essential to kickstart action and ensure momentum.
'In this note, we provide an overview of what the new Government has said about its sustainability policies and priorities. We summarise the new legislative intentions announced in the King’s Speech as well as policy action taken to date. We conclude by providing an overview of the Labour Party’s pre-election policy proposals and the current implementation status of each policy.'
Deloitte continues:
'In its manifesto, it recognised that “the climate and nature-crisis is the greatest long-term global challenge” and set the accelerated rollout of clean energy as one of its top two “missions”, alongside economic growth.
'The new Government has now started to translate its campaign proposals into government priorities and policies, positioning sustainability as a lever for achieving the Government’s growth agenda. Its sustainability initiatives are predominately focused on developing the rollout of net zero technologies, accelerating investments for renewable energy, streamlining the delivery of infrastructure, increasing support for sustainable aviation fuels (SAF) and improving water quality.
'By acting swiftly, the Government is placing a renewed focus on sustainability and in doing so, aiming to provide certainty in many of these policy areas for businesses. Some of its policy ambitions stand out, most notably its plan to decarbonise the energy grid by 2030 since the UK is the only major country with this target. The next year will therefore be pivotal for the Government in terms of providing a detailed action plan to initiate the necessary work and ensure momentum.'
Deloitte lists the new legislative initiatives:
In the King’s Speech on 17 July and the supporting documents, the Government confirmed it intends to introduce the following pieces of legislation in this Parliamentary session:
Great British Energy Bill to set-up Great British Energy, a publicly-owned clean power company headquartered in Scotland that will help accelerate renewable energy and offshore wind.
Sustainable Aviation Fuel (Revenue Support Mechanism) Bill to increase support for SAF production.
Water (Special Measures) Bill to improve water quality by strengthening the powers of the water regulator to impose punitive measures on water companies.
National Wealth Fund Bill to create a £7.3 billion capitalised fund to spread investment across green and growth industries (green hydrogen