With the news that the next UK general election will fall on 4 July, Scottish Power has called on the next government to ‘turbo charge’ green investment in the country, creating a “green light for growth”.
Scottish Power CEO Keith Anderson set out 10 “solid, deliverable and impactful steps” to enable decarbonisation efforts. At the end of last year, Scottish Power’s parent company, Iberdrola, plotted a £12 billion investment plan for four years starting in 2024.
The plan aims to electrify the economy, something Scottish Power has promised to achieve. Now, the firm says the UK could unlock “plenty more” investment jobs, supply chain benefits and positive community impact if the government removes current barriers, Anderson says.
Anderson claims investment needs to be accelerated by streamlining processes and “getting on with it”. The UK must ensure it attracts supply chain investment, and the next government must help more firms scale up.
Scottish Power’s green light for growth recommendations also touch on steps the government could take to reduce domestic properties’ emissions: “By transforming homes through simplified energy efficiency schemes with heat pumps, solar and batteries seen as a vital national infrastructure priority to help tackle fuel poverty.”
Electing a government to deliver on green investment
Many in the industry have celebrated the news of a general election, given that during their time in power, the Conservatives have failed to deliver on climate policy and targets.
Before the election was called, the Investment Delivery Forum entreated the government to boost green investment in the April publication of its Partnership for Prosperity policy programme.
The Forum—set up by the ABI—was established last summer with the aim of helping to channel £100 billion into ‘green and good’ projects that benefit the environment and economy over the next ten years once post-Brexit regulatory changes come into force.
Last year, research conducted by the Forum found the UK needs over £1.3 trillion in investment by 2030 to deliver on its energy, transport and housing infrastructure ambitions. The hope is that a new government will address the £615 billion funding shortfall the UK faces.
