On Thursday 30 March, the UK Government outlined its plans to improve energy security, green the finance system and embed its net-zero strategy in UK law. The so-called ‘Green Day’ consultation is open for comments and we urge everyone to have their say.
This latest announcement comes at a time when the energy crisis has entered a new phase. We’re all used to rising energy prices, but we are now getting more questions around wholesale energy prices, and how investments in renewable energy and low carbon solutions might fare in future. Many real estate owners are also renewing their energy contracts.
So, what does the consultation tell us, and what might it mean for real estate?
- The ambition is to have a ‘fully decarbonised’ power system by 2035 AND ‘among the cheapest wholesale energy prices in Europe’, also by 2035
- Nuclear will be a key source of energy, there’ll be a competition for floating offshore wind and a taskforce and roadmap to set out how solar will account for 70GW
- There will be a review of the planning system – something we have been calling for since we were founded over 10 years ago! A revised National Policy Statement (NPS) has promised to ‘reflect the importance of energy security and net-zero with clear, strong statements of national need for new energy infrastructure which can help expedite planning’. At last! And if it does as intended, this is a game changer
A lot is covered by the Green Day consultation but ultimately, the information announced shows that the UK is not on track to deliver on its international climate pledge for 2030 under the Paris Agreement.
More needs to be done and now. The consultation closes 22 June so make sure you have your say.
