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Labour backs IPPR call for green job creation to drive recovery
In its proposals, the Labour party has also backed IPPR’s proposals for a National Investment Bank focused on climate, a re-training and skills programme and an expanded energy efficiency and retrofit programme.
On Sunday IPPR revealed that over the course of this Parliament the government has committed to investing just 12 per cent of what is needed to meet the UK’s net zero emissions target. The think tank estimates that £33 billion a year in additional annual investment is needed to meet the net zero target.
Luke Murphy, IPPR Associate Director for energy, climate, housing and infrastructure, said:
"We welcome Labour's call for the government to step-up investment in a green recovery. With a vaccine for Covid-19 potentially imminent, now is the time for the government to invest for the future, to create jobs and opportunity across the country, lower emissions and restore nature, and address wider inequality.
"IPPR analysis has shown that the government is investing a little over a tenth of the funds needed to meet net zero and restore nature. So while a stimulus is needed now, there will also need to be sustained investment annually to tackle the climate and nature crises.
"There are huge opportunities to be harnessed in the low carbon economy but the government must set out a clear strategy, ambitious policies and the investment needed to realise them."
The think tank argues that a green stimulus is needed right now to create jobs and bolster the Covid-19 recovery, but that investment on a similar scale will be needed annually to reach net zero by 2050.
ENDS
CONTACT
David Wastell, Head of News and Communications: 07921 403651 / 020 7470 6146 d.wastell@ippr.org
Robin Harvey, Digital and Media Officer: 020 7470 6154 / 07779 204798 r.harvey@ippr.org
Luke Murphy is available for interview
NOTES TO EDITORS
- The IPPR paper published on Sunday The Road to COP26: A clean and fair recovery at home and a leader on climate and nature abroad by Luke Murphy and Carsten Jung, is available for download at: https://www.ippr.org/research/publications/road-to-cop26
- IPPR previously detailed the job creation potential of green investment in the report Transforming the Economy after Covid-19 available here: https://www.ippr.org/research/publications/transforming-the-economy-after-covid19
- Graph: The government's spending commitments for public investment over this parliament needs a step-change across most sectors to achieve net zero emissions by 2050 and restore nature
- Committee on Climate Change 2019, Green Alliance et al 2019, Conservatives (2019), HM Treasury (2020), OBR (2020)
- IPPR is the UK’s pre-eminent progressive think tank. With more than 40 staff in offices in London, Manchester, Newcastle and Edinburgh, IPPR is Britain’s only national think tank with a truly national presence. www.ippr.org