UK fails to deliver £240m in net zero projects

Britain failed to deliver nearly a quarter of a billion pounds in green projects aimed at reaching net worth, despite Boris Johnson urging governments around the world to drastically increase their investment to tackle the climate crisis, The independent can reveal.

About £ 241 million earmarked to eliminate carbon dioxide emissions in the UK by 2050 was returned to the Treasury during the last financial year by the business department, newspapers show. It is understood that the money was connected subsidy system for green homesset up to increase energy efficiency in homes.

Labor said the investment could have helped address the increase in household bills that has helped drive living costs to a 30-year high.

Shadow Climate Change Secretary Ed Miliband said: “As energy bills increase for working people, the government should invest to help reduce energy bills by isolating homes and driving the green energy sprint to home-grown clean power.

“The government’s catastrophic underinvestment is holding back this country, costing us jobs in the new clean industries of the future and keeping household bills high,” Miliband said, adding that the government’s’ incompetence in supply means they fail to use the resources that can provide real support. families need now ”.

As host of the Cop26 climate summit last year, the government called on other nations to invest more money in the transition to low-carbon economies. But there have been questions about Britain’s own bid to take into account public spending to reach net zero.

In March, MPs in the Committee on Public Accounts warned that the government had “no clear plan for how the transition to net zero will be financed”, with vague performance measures and a lack of an overall budget. The Treasury Department has since said it will present a plan in the fall, but a source warned: “There is a huge challenge in finding out how to clearly report net zero in Whitehall and developed economies.”

The business department had to hand over part of its net zero budget to the Treasury after it failed to spend it

(Getty / The Independent)

The contribution to green homes, an important part of the Prime Minister’s efforts to “rebuild better”, struggled with the pressure of Covid-19 locks and a lack of trained builders and technicians to implement improvements.

The government has also attached great importance to the role of the private sector in delivering its net zero strategy, which was presented last year, but experts in government accounting are concerned that there was a lack of information on when parts of money should be spent, and in what areas.

“We have seen different scenarios for delivering net zero ambitions, but what we have not seen is a clear, detailed picture from the government of what it will spend and what will come from the private sector and when,” said Jill Rutter, senior fellow at Institute for Government think tank.

It is understood that the £ 241 million left unused will not be automatically transferred to this year’s budget, even though officials said The independent that it would probably not mean a smaller allocation in the coming years.

A spokesman for the business department said: “We are determined to meet our legally binding net zero emissions target by 2050 and support it with £ 26 billion in investment to deliver our net zero strategy. This, together with the UK Energy Security Strategy, means we will leverage an unprecedented 100 billion pounds of private investment by 2030. “

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