During the General Election campaign, I visited a great many schools and colleges to speak to those who were voting for the very first time. I was hugely impressed by the breadth of knowledge, compassion and interest by those who were asking questions and who were carefully considering with whom to lend their vote.
It was unsurprising to note the most frequent line of questioning during those visits was around climate change and what needed to be done. Last week the Prime Minister announced his ten-point plan to tackle climate change and create a ‘green industrial revolution.’ Such a plan is designed to see the UK reach its 2050 net-zero target as well as create 250,000 green jobs that will herald new era of green innovation and technology.
These plans look to; phase out petrol and diesel cars by 2030, increase our areas of outstanding natural beauty, build greener, encourage greater active travel, reduce emissions in the aviation and maritime sectors and harness the power of renewables such as wind, tidal and solar. It also places emphasis on new technologies, such as small modular reactors, carbon-capturing technology and the utilisation of hydrogen. Such a combination of old and new methods should all be welcomed.
But it is the focus around green finance and natural resources I believe, will offer a huge opportunity nationally and locally.
The Chancellor, Rishi Sunak MP, recently announced his intention to create a green bond. Which would capitalise on growing investor demand for assets that fund environmentally friendly projects. Consider the fact that last year £250bn of green bonds were sold globally, then you can understand the true opportunity available to put, not just the taxpayer’s money behind green initiatives, but private capital. Such significant levels of investment have the potential to change the way in which businesses operate and how environmentally aware their operations remain.
The UK has an abundance of wind and the announcement to increase funding into offshore wind and to see every house powered by wind by 2030 is certainly an ambitious one. But wind is only part of the jigsaw, and investment in this sector cannot come at the expense of investing in tidal sources. Our coastline lends itself to such technology and we have within our shores the capability and technological know-how to create and implement the required machinery and power to further reduce our emissions. To succeed we need to increase research and development tax breaks and to take on bold and ambitious projects that will showcase this technology.
The government has produced ten points that are ambitious and well directed and take into account moves in China to introduce a net-zero target of 2060 and a new President in America who will likely re-sign the Paris Climate Accords. We have the opportunity to lead by example, create new technology and provide more green jobs.
Here in South Devon not only are we home to extraordinary coast and countryside, but businesses and individuals who are already leading the campaign to address climate change. From photonic technology used in energy outlets to farmers who are using regenerative agriculture techniques to capture carbon and improve soil fertility, there is no shortage of ideas or innovations and in the coming months, I look forward to returning to our schools to discuss the progress that has, is, and will be made.