Commenting on the announcement of the government’s 10 point plan, which will mobilise £12bn of government investment for the energy sector, Robert Buckley, Head of Retail and Relationship Development at Cornwall Insight, said:
“The energy industry and its customers have desperately needed clarity on how the government intends to meet its net zero goal. The Prime Minister’s announcement lays the scene for some big industry changes, and now that the Prime Minister has set his agenda, the energy sector has a genuine opportunity to take control of its low-carbon future.
“This is the moment that the UK energy policy has been formally co-opted to the energy agenda and lays down the marker for the decades ahead. The 10-point plan sets the high-level principles, and the Energy White Paper and the net zero spending review will help add flesh to the bones.
“There is no doubt that this is an ambitious plan which should be welcomed. However, there needs to be questions asked over whether the underlying spending commitment is enough to deliver the desired outcome of net zero by 2050.
“The outlined plans to make the City of London the global centre for green finance through our sovereign bond, carbon offset markets and disclosure requirements, could be very significant in delivering required capital.
“The long-awaited Energy White Paper will be the next landing stage for a coherent strategy for the energy sector for the decades ahead.”