Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what initiatives his Department is promoting to encourage investment in green (a) industries, (b) growth and (c) jobs.

Both public and private investment will be crucial to delivering Net Zero. The policies and spending set out in the Net Zero Strategy mean that since the Ten Point Plan, the Government has mobilised £26 billion of government capital investment for the green industrial revolution. Along with regulations, this will support up to 440,000 jobs by 2030, and leverage up to £90 billion of private investment by 2030. For example, the UK Infrastructure Bank will provide targeted support to UK infrastructure projects including in support of net zero, with £12 billion of equity and debt capital and an ability to deploy £10 billion of government guarantees.

The Offshore Wind sector provides a good example of how the government is leveraging private investment, delivering growth and jobs. Announced as part of the Ten Point Plan, the UK’s offshore wind manufacturing industry has already seen almost £1.5 billion of investment unlocked by the £160 million Offshore Wind Manufacturing Investment Support initiative, which aims to further develop the UK’s offshore wind capabilities. This could support up to 3,600 jobs supported across the Humber region.