Last week the Prime Minister set out his ten-point plan for a green revolution, which will mobilise £12 billion of government investment and support up to 250,000 British jobs. The plan aims to spur over three times as much private sector investment by 2030, making the green sector a safe bet for contractors who are able to apply their skills to the many projects, products and services that will be in demand. Contractors are encouraged to think outside the box when it comes to ‘following the funding.’
The ten point plan takes a hybrid approach to green energy investment and meeting net zero by 2050. In his article for the Financial Times, the PM outlined the scope of his plans that will create opportunities across the UK. “There will be electric vehicle technicians in the Midlands, construction and installation workers in the North East and Wales, specialists in advanced fuels in the North West, agroforestry practitioners in Scotland, and grid system installers everywhere.” The main aims and areas of investment are as follows:
Offshore wind: quadruple production capacity to 40GW, producing enough offshore wind to power every home by 2030, and supporting up to 60,000 jobs.
Hydrogen: up to £500 million for increasing capacity to 5GW of low carbon hydrogen production capacity by 2030. £240 million of this will go into new hydrogen production facilities and funding for ‘green hydrogen’ research and development.
Nuclear: investment of £525 million to develop smaller-scale nuclear plants with the creation of an initial 10,000 jobs. Research into developing clean next generation nuclear energy.
Electric vehicles: £2.8bn for electric vehicles and national charging stations with the aim of ending the sale of new petrol and diesel cars and vans by 2030. Emphasis on West Midlands, North East and North Wales car manufacturing hubs towards the ‘levelling up’ agenda.
Public transport, cycling and walking: promoting cycling and walking and investing in zero-emission public transport.
Jet Zero and greener maritime: research projects for zero-emission planes and ships.
Energy efficient buildings: making homes, schools and hospitals greener, warmer and more energy-efficient, whilst creating 50,000 jobs by 2030.
Carbon capture: investment in developing world leading carbon capture technology, with a target to remove 10MT of carbon dioxide by 2030. £200m extra funding to create two carbon capture clusters by the mid-2020s, bringing total investment to £1 billion and helping to support 50,000 jobs.
Natural habitat: £40m additional investment into the government’s Green Recovery Challenge Fund, bringing total investment to £80m. This will help to create and retain thousands of green jobs in areas such as tree planting, environmental education and the restoration of damaged habitats, such as peatlands and wetlands.
Innovation & finance: Developing the advanced technologies needed to unlock private investments and commercial opportunity, making the City of London the ‘global centre of green finance.’
The plan’s wide ranging investment in the green sector comes at a crucial time for the UK amid rising unemployment. With some industrial emphasis in the North and West Midlands, there will be widespread opportunities in manufacturing and construction, research and financial consulting, with subsequent demand throughout the supply chain. To read more about transferring your skills to the renewables sector, read here, or check out the latest economic and hiring news across the UK. Umbrella Exchange have access to a wide range of hassle-free services that can help you with setting up a limited company or finding the right umbrella company for you. To talk to a member of our team, call: 0203 393 3881