of innovation and community engagement activities. “The breadth of projects is


enormous, ranging from hydrogen and fuel cells to magnet and battery recycling to energy storage to a business incubator,” said the institute. “This has also been a platform for working with the local community to redevelop the green space and local River Cole in a flagship project for the city.” Manchester, Glasgow, Newcastle


and many others – not to mention the green tech innovations in the Oxford-Cambridge corridor – have now embarked on their own ambitious initiatives aimed at overcoming global warming. The prizes from such activities could be huge. Analysis published over the summer by the Confederation of British Industry (CBI) suggested that investment in green-growth projects could boost the UK’s GDP over the next seven years by between £37 to £57 billion. To achieve this, the organisation


said businesses needed a “clear and stable” policy environment; a comprehensive set of tax and other incentives to encourage investment in the green economy; and the creation of an Office for Net Zero Delivery to ensure consistent policies across government departments. Rain Newton-Smith, director-


general of the CBI, said: “The UK has always been an undisputed leader in the transition to net zero, allowing it to go further and faster than many other nations. It was the first major economy to sign net zero into law, has a strong track


record on emissions reductions, and has a business community that not only backs the transition, but is also ready to seize the commercial opportunities available. “But, in the wake of the US


Inflation Reduction Act and similar moves in the EU, that position is now under threat. With competition for green investment heating up across the globe, the UK faces a race against time to claim the generous growth prizes on offer. That’s why we need decisive action – from government and business – to reclaim our place at the front of the queue.” Concerns that America’s


Inflation Reduction Act, which offers $369 billion of subsidies for green infrastructure projects, and the EU’s new green industrial strategy could reduce the appeal of the UK for investment have been voiced by TheCityUK, which represents the nation’s financial and related professional services. The


latest research paper on


sustainable and green finance from the organisation and data company ICE, ‘Global Carbon Pricing Mechanisms and their Interaction with Carbon Markets’, highlighted the increasingly important role carbon markets are playing in reaching net zero. Looking at the opportunities


for the UK to become a world leader in the field, Gordon Bennett, managing director of utility markets at ICE, said: “Environmental markets provide the price signals to efficiently allocate capital across the carbon cycle and to manage


the uncertainties in meeting net zero. The UK is home to where the world’s energy and environmental markets – valued in the trillions – are cleared, as well as being a global leader in decarbonising electricity generation by combining market- based principles with thoughtful policy. The UK has a unique position to bring knowledge of environmental markets to a broader audience.” As the late David Bowie


observed quite a few years after Lincoln’s remark: “Tomorrow belongs to those who can hear it coming.” UK businesses hope the government is now listening.


“ With competition for green investment heating up across the globe, the UK faces a race against time to claim the generous growth prizes on offer. That’s why we need decisive action – from government and business – to reclaim our place at the front of the queue.”


RAIN NEWTON-SMITH, DIRECTOR-GENERAL OF THE CBI


9


THINK GLOBAL PEOPLE HOT TOPIC


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