The Labour Party has abandoned its policy of spending £28 billion a year on its green investment plan, in a major U-turn.
Labour originally announced the spending pledge in 2021 and it had been a key part of the party’s plans to reach climate targets and secure green jobs.
Comments made by Labour Leader Sir Keir Starmer earlier this week confirmed speculation that the party would be scaling back its green investment pledges.
He said: “Everywhere in the real world people have to adjust their decision when the circumstances change. What would be really irresponsible is to know the damage done to the economy by the failed Government and ignore that and pretend it didn’t happen.”
The REA (Association for Renewable Energy and Clean Technology) says the announcement will make the decision to invest in UK renewable energy and clean technology a more difficult one, at a time when the sector has been calling for political guidance and clarity.
Rather than debating arbitrary spending figures, the REA is urging the Labour party to focus on setting out a firm policy platform the sector can get behind.
Dr. Nina Skorupska CBE, REA CEO (Association for Renewable Energy and Clean Technology) said:
“While we need to see more details, it is of course disappointing to see the dropping of Labour’s landmark spending pledge, but we are at least encouraged that the ambition remains in place to tackle our pressing environmental problems and associated societal and economic costs of these.
“In the longer term, the only way out of the energy crisis and high costs associated with this, is ending our reliance on volatile imported fossil fuels by moving to renewables and clean technologies.”
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