PM reveals £9.7bn foreign investment across sustainable homes and carbon capture

Jake Carter

October 19, 2021

sustainability climate change

According to the UK government, at least 30,000 new jobs will be created around the UK due to £9.7bn of foreign investment, to be revealed by Prime Minister Boris Johnson at the Global Investment Summit today.

The money is to be used across the sustainable homes and carbon capture sector, as well as wind and hydrogen energy.

Chancellor Rishi Sunak has published a roadmap setting out details on new Sustainability Disclosure Requirements.

Part of the roadmap, which will also applies to pension schemes, investment products and asset managers and owners, are reforms to create a greener financial system.

Around 70% of the UK public want their money to go towards making a positive difference to people or planet, according to the government.

However, a lack of common definitions around environmental sustainability is leading to ‘greenwashing’, namely misleading investors and consumers about how green a product really is.

The Sustainability Disclosure Requirements (SDRs) aim to provide investors with the information needed to make informed decisions about where to put their money.

Johnson said: “The world’s top investors have seen the massive potential in the UK for growth and innovation in the industries of the future.

“The fantastic £9.7bn of new investment we have secured today will power our economic recovery, creating thousands of jobs and helping to level up across the country.

“This is just the start. We will see new partnerships for green growth forged at today’s Global Investment Summit, as we look ahead to COP26 and beyond.”

Rishi Sunak, Chancellor, added: “We are already a world leader in green finance, and today’s roadmap will give us the opportunity to set new global standards for sustainability that will boost the economy, protect the planet and support our net zero goals.

“We want sustainability to be a key component of investment decisions, and our plans will arm investors with the right information to make more environmentally-led decisions.”

Ross Boyd, chief executive of Dashly, said: “Boris’s announcement is yet more hot air and cynical greenwashing in the lead up to COP26.

“While offering a grant to fund green improvements to homes is in the right ball park, many are rightly stating that £5,000 simply isn’t enough for the majority of people to make their homes greener in a meaningful way.

“Meanwhile the mortgage industry has been sitting on the answer all along: lenders know the green profiles of properties and can easily fund genuinely green boilers through a properly tailored mortgage that has both the consumer and the environment at its heart.”

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