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The UK Could Need £57bn to Reduce Reliance on Carbon

POWER
Homepagemarkets-real-timeBulletUKBank Of England (BOE) Market News

The UK may need £57bn by 2030 to reduce reliance on carbon and support “green” job growth, however, it has only earmarked £7.3bn to invest in the renewable industry, a report by the National Wealth Fund Taskforce (NWFT), cited by Bloomberg.

  • The funds that have been put aside will be used for ports, green hydrogen and gigafactories that can produce electric vehicles and grid-scale batteries.
  • Despite the support, a funding gap of £35.9-56.9bn between now and 2030 is still evident.
  • The NWFT proposes using different financial instruments – equity, concessional debt, and guarantees – to meet its goal.
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The UK may need £57bn by 2030 to reduce reliance on carbon and support “green” job growth, however, it has only earmarked £7.3bn to invest in the renewable industry, a report by the National Wealth Fund Taskforce (NWFT), cited by Bloomberg.

  • The funds that have been put aside will be used for ports, green hydrogen and gigafactories that can produce electric vehicles and grid-scale batteries.
  • Despite the support, a funding gap of £35.9-56.9bn between now and 2030 is still evident.
  • The NWFT proposes using different financial instruments – equity, concessional debt, and guarantees – to meet its goal.