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Policy overview - UK
The UK committed to achieving net-zero by 2050 in June 2019, and
recently went a step further by increasing its emissions reduction
target from 68% by 2035 (compared to 1990) to 78%. The
Government s Ten Point Plan for a Green Industrial
Revolution (Ten Point Plan) (November 2020) sets out a
framework for achieving net-zero, with hydrogen identified as a
prominent contributor in achieving net-zero. This set a target of
5GW of low-carbon hydrogen production capacity by 2030. The 5GW
production target has been set assuming a mix of blue and green
hydrogen, a key difference from other European markets.
This will be supported by the £1 billion Net Zero
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On 3 March 2021, Chancellor Rishi Sunak delivered the UK Budget 2021 (the Budget). Understandably, the Chancellor’s focus was on setting out the road map to the United Kingdom’s economic recovery from COVID-19. The Budget, however, was also an opportunity for the government to unveil spending plans to match its ambitious climate target: to reach net zero by 2050.
Several promising green economy measures were announced, as discussed below.
Green Finance
Some of the most-welcome measures announced were those related to sustainable finance.
The remit of the Bank of England’s Monetary Policy Committee was updated to include a duty to support the government’s net zero ambition - a significant move that should help to align monetary policy with sustainable growth. From its next scheduled round of investments in the fourth quarter of 2021, the Bank of England will adjust its approach to buying corporate bonds to a
Tuesday, March 9, 2021
On 3 March 2021, Chancellor Rishi Sunak delivered the UK Budget 2021 (the Budget). Understandably, the Chancellor’s focus was on setting out the road map to the United Kingdom’s economic recovery from COVID-19. The Budget, however, was also an opportunity for the government to unveil spending plans to match its ambitious climate target: to reach net zero by 2050.
Several promising green economy measures were announced, as discussed below.
GREEN FINANCE
Some of the most-welcome measures announced were those related to sustainable finance.
The remit of the Bank of England’s Monetary Policy Committee was updated to include a duty to support the government’s net zero ambition - a significant move that should help to align monetary policy with sustainable growth. From its next scheduled round of investments in the fourth quarter of 2021, the Bank of England will adjust its approach to buying corporate bonds to account for the climate impac