“Building back better, supporting green jobs, and accelerating our path to net zero” is the prime minister’s November 2020 declaration to the UK following the COVID pandemic.
With his new Ten Point Plan for a Green Industrial Revolution, the prime minister’s aim is to build the UK back up in a stronger position than before the pandemic is paramount to the future success of our country.
Environmental concerns and sustainability has been at the heart of many mindsets for some time now. Raising issues around human consumption and waste. How we farm, run vehicles, use plastic, and consume energy has become regular social media and TV news pieces.
In response to this, their bid to assist with Green finance and innovation, under new investment by the UK government has pledged to raise total R&D investment to 2.4% of GDP by 2027 with an aim to “becoming a global leader in the technologies needed to decarbonise our economies and transition to net zero”.
The environmental plan incorporates 10 key areas of development:
- floating offshore wind
- nuclear advanced modular reactors
- energy storage and flexibility
- direct air capture and advanced CCUS
- industrial fuel switching
- disruptive technologies such as artificial intelligence for energy
With an aim too:
- the potential for hundreds of thousands of jobs by 2030
- £1 billion of government funding in net zero innovation with £1 billion of matched funding and potentially £2.5 billion of follow on funding from the private sector
- carbon savings across low carbon sectors
This is great news for UK startup business, companies who are looking to diversify and those who have a keen interest in the environment and energy use. You can read in more detail about the government’s Ten Point Plan for a Green Industrial Revolution at https://www.gov.uk/government/publications/the-ten-point-plan-for-a-green-industrial-revolution/title
Are you currently establishing as an innovative startup business which is tackling environmental challenges and changes? Here at Crendon Insurance we support startup business with startup business insurance, intellectual property insurance, digital IT insurance, plus much more. To find out how we can support your commercial company further with a confidential review please get in touch.