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
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UK energy minister Anne-Marie Trevelyan told an industry audience the government hoped to sign off “imminently” on the so-called North Sea Transition Deal following months of negotiations with industry.
Trevelyan was speaking during a webinar organised by trade body Oil & Gas UK (OGUK), shortly before Chancellor of the Exchequer Rishi Sunak delivered his annual Budget statement to parliament.
Sunak announced government would make available £27m ($38m) for an Energy Transition Zone (ETZ) in Aberdeen, Scotland, the home of UK’s North Sea oil sector, in a first step towards delivering the wider deal.
UK: Oil and gas industry welcomes Chancellors Budget measures to support green energy transition energy-pedia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from energy-pedia.com Daily Mail and Mail on Sunday newspapers.
BEIS in the Budget 2021
The Department for Business, Energy and Industrial Strategy (BEIS) will have a key role to play in delivering the Budget s commitments.
From:
4 March 2021
The government has published a Budget aimed at protecting the jobs and livelihoods of the British people through the COVID-19 pandemic. The Department for Business, Energy and Industrial Strategy (
BEIS) will have a key role to play in delivering this commitment.
The Budget builds on the government’s existing support, which has helped to limit lasting damage while strengthening the economy in the longer term. Including measures announced at Budget 2020, total support for the economy comes to £407 billion this year and next year – the largest peacetime economic support package on record.