In response to the Autumn Budget 2024, E3G has the following
reaction:
Investment Rule
Ed Matthew, Campaigns Director for E3G said:
"After years of flatlining investment, the Government must
now seize the opportunity of the ‘Investment Rule' to make the UK
a clean energy superpower and boost green homes investment
further. It is clean technology where our future prosperity
lies, boosting productivity, making us competitive and weaning us
off expensive and volatile fossil fuels. It's the economic
opportunity of the century."
Housing
Ellie Mae O'Hagan, UK Energy Programme Leader for E3G said:
“The initial £3.4 billion announced over three years for
retrofitting homes will provide industry with welcome investment
certainty but is well short of the Labour Manifesto pledge to
invest £13.2 billion over the Parliament. The door has been left
open to boost this investment in the Spending Review due in the
Spring. This must now be delivered so that Britons can get the
warm homes they deserve.”
Industry
Laith Whitwham, Senior Policy Advisor on UK Industry for E3G
said:
“Today's budget contains crucial support for clean industry,
from the introduction of a CBAM in 2027, to funding for critical
technologies like green hydrogen and industrial carbon capture.
However, it does nothing to reduce electricity prices despite the
fact that half of industry will need to be electrified. To
achieve clean growth, the Spring budget must lower power prices,
or Britain risks falling behind countries that are acting to
lower electricity prices for industry.”
Oil & Gas
Beth Walker, Senior Policy Advisor on the Oil & Gas
Transition for E3G said:
"The expanded windfall tax on oil and gas companies will increase
investor confidence in the UK's clean energy mission. The
government has also made the right decision to remove investment
allowances that are propping up a declining industry. The
Chancellor must now protect citizens by ensuring oil and
gas companies, who have made record profits in recent years,
pay the full decommissioning costs as production ends. This would
save UK taxpayers billions. "
E3G is an independent climate change think tank with
a global outlook. We work on the frontier of the climate
landscape, tackling the barriers and advancing the solutions to a
safe climate. Our goal is to translate climate politics,
economics and policies into action.
