The US Inflation Reduction Act is reshaping green industries across the world, with the almost $400 billion of tax credits drawing investment and jobs across the Atlantic. The European Union has responded in kind with its own new green industrial strategy. Businesses are already warning that the UK, previously seen as a leader in clean technologies, is slipping behind.
Two weeks on from the Budget, and ahead of the release of the Government’s revised Net Zero Strategy, we heard from Rt Hon Ed Miliband MP, shadow secretary of state for climate and net zero. He set out what a Labour government’s response to this new green global competition would be, and how industry and business can work alongside the government to maintain the UK’s status on the green economy and deliver transformative change.
Following the speech, a panel of experts discussed:
- What public-private partnership for decarbonisation and nature really means, including the expectations and offer for business and industry
- Where the UK might succeed in the green economy race and which industries it should be backing
- The Inflation Reduction Act’s implications for a just transition
The speech was hosted by Green Alliance as part of our work on political leadership for the environment and green industrial strategy and was kindly supported by the Network for Social Change.
Green Alliance recently released an essay collection from our experts and others in the sector on how and why the UK needs to respond.
In April, Green Alliance will also be releasing new research on the UK’s green comparative advantage.