Joe Biden’s climate change plan isn’t a threat to the UK, it’s an opportunity
In a world where money talks, the American dollar often shouts loudest. And when it comes to the fight against climate change, this truth of this wizened old saying is being hammered home like never before.
From solar panels to electric cars, from agribusiness to hydrogen production, the huge profit margins that are suddenly now on offer Stateside are tempting indeed. Asuggested that the race to “electrify America” could lead to a “further de-industrialisation of Europe” as firms moved over the Atlantic.
But when hard-headed calculations are being made about the green jobs that all countries need to futureproof their economies, the UK has its work cut out in trying to rely on the goodwill of either side. By contrast, the UK currently lacks either the economic or regulatory firepower to avoid getting caught in the crossfire. CBI chief Tony Danker this week issued a chilling warning about the big squeeze, pointing out the lion’s share of future growth would come from green technologies.
The Tory-Lib Dem Coalition’s “contracts for difference” scheme – using public money to unlock private investment – was a big success for offshore wind power. If that mechanism could be better used for onshore wind, hydrogen and other clean tech, billions of pounds of investment will follow.
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