| Budget 2010 - the environment and green issues |
Supporting low-carbon growthThe Chancellor unveiled a number of measures designed to support the move to a low-carbon economy. Green Investment BankA major announcement in Budget 2010 is the government's plan to create a Green Investment Bank. The bank will support investment in low-carbon infrastructure projects. It will bring together public and private sector capital, and operate on a commercial basis. The government will start by investing up to £1 billion from the sale of infrastructure-related assets. It will seek to match this with at least £1 billion of private sector investment. The Green Investment Bank’s mandate will be to invest in the low-carbon sector. Infrastructure UK will publish a consultation on the establishment of the Green Investment Bank in the summer. Other measures in support of a low-carbon economyOther measures announced as part of Budget 2010 include: • launching UK Finance for Growth to streamline £4 billion of existing financial support for small and medium-sized businesses, which will include support encouraging businesses to commercialise low-carbon technologies • £60 million for the development of UK port sites to support offshore wind turbine manufacturers looking to locate new facilities in the UK • halving the rate of company car tax for ultra-low carbon cars • a commitment to reduce government departments’ carbon emissions by at least 30 per cent by 2020 • a commitment to reform the energy market to provide clean, secure and affordable energy in the long-term Landfill tax increaseAs of 1 April 2014, there will be an £8 per tonne increase in the standard rate of landfill tax, to encourage alternatives to landfill.
For further information, please see:-
http://www.guardian.co.uk/uk/2010/mar/24/budget-green-plans-emissions-cut
http://www.direct.gov.uk/en/Nl1/Newsroom/Budget/Budget2010/DG_186643
http://www.cityam.com/news-and-analysis/green-investment-bank-will-invest-renewables |
