First take on the Spring Budget: No strategy for net zero investment

Responding to the Chancellor’s Spring Budget announced today (15 March), Merlin Hyman, Chief Executive at Regen, commented:

Chris Skidmore’s recent review made clear that net zero is the route to sustainable growth. It is disappointing, therefore, to see a budget that aims to build a ‘foundation for long-term growth” but largely relegates net zero and energy security to “further action later this month”.

The climate for investment in clean energy in the UK is deteriorating. The government urgently needs to take “further action” to set out a Net Zero Investment Strategy addressing five key areas:

1. Reform the Electricity Generator Levy (EGL) to minimise its impact on future investment.
2. Extend the ‘Contracts for Difference’ (CfD) scheme to support faster renewable deployment and ensure households can benefit from low-cost renewables.
3. Ramp up investment in critical electricity network infrastructure.
4. Remove the planning barriers stalling onshore wind deployment in England.
5. Provide local and regional powers for energy infrastructure planning and development.

For more information, please contact Emma Smith, Policy and Advocacy Coordinator, esmith@regen.co.uk