Britain is still buzzing about how close the country came to a financial crisis in recent weeks. It may come as a surprise, though, that the episode has reignited calls for investment in climate change-fighting measures
ritain is still buzzing about how close the country came to a financial crisis in recent weeks. It may come as a surprise, though, that the episode has reignited calls for investment in climate change-fighting measures.assumed the role of British Prime Minister with a bold plan to curtail taxes for the wealthy. It quickly, and spectacularly, failed. The value of the pound plummeted as investors saw the Truss government’s approach as a sign of risky decision making.
From an economics perspective, the argument for green investment relies on the same key indicators that, in theory, drive any other economic decision made by governments. Public investment in clean energy programs will make the economy more efficient—think of less wasted energy and natural resources—and foster job-creating innovation. It removes economic volatility that results from a reliance on fossil fuels.
Green investment “is the growth story of the 21st century, it really has to be center stage,” says Nick Stern, an economics and government professor at the London School of Economics and a former World Bank chief economist. “These are real investments with very positive returns.”The previous Conservative government—led by Prime Minister Boris Johnson until this summer—embraced green growth and a transition to net-zero emissions as one of several central planks in its growth strategy.
The Labour Party, which is the primary opposition to Truss’ Conservative Party, made a green economy the centerpiece of its annual conference on Sept. 26. The party proposed a National Wealth Fund with an initial £8 billion to invest in green companies in Britain, from renewable energy to clean steel plants. And it launched a “Green Prosperity Plan” to “turn the UK into a green growth superpower,” in the words of Labour Party leader Keir Starmer.
The proposal is, for now, just that. The next British general elections, and the potential opportunity for Labour to implement such a proposal, are likely to come in 2024. Still, some are hoping that Truss will embrace a green agenda even sooner. It’s one way, some advocates say, that she can stimulate the economy without undermining the financial markets’ confidence in her government and the British state.
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