The UK government is set to launch ‘green bonds’ in its 2021 Budget tomorrow to encourage global investments in climate change technology. This comes amidst preparations for the climate summit in November and a change in visa regulations making it easier for scientists and high-skilled workers to visit the UK.
Tomorrow, Chancellor of the Exchequer, Rishi Sunak, will deliver the government’s yearly Budget outlining plans for post-Covid reparations. With a climate emergency on our hands, Mr Sunak will introduce ‘green bonds’ to his Budget to encourage a national move towards a more sustainable country.
The ‘green bonds’ will be announced in Rishi Sunak’s Budget tomorrow and will invest money into environmental projects to ensure the UK is on track to achieve zero carbon emissions by 2050 as outlined in the Paris Climate Agreement.
This announcement comes in advance of the COP26 climate summit in November. With Glasgow hosting this year’s conference, the UK are eager to enhance their green credentials in time for this event.
“The UK is a global leader on tackling climate change, with a clear target to reach net-zero by 2050 and a 10-point plan to create green jobs as we transition to a greener future,” said Rishi Sunak in a public statement.
Today I chaired the first meeting of the UK's @G7 presidency with finance ministers & central bank governors.
I highlighted global recovery, supporting vulnerable countries, digital taxation & climate change as priorities for the group in the year ahead. https://t.co/XRD4lIJtnW
— Rishi Sunak (@RishiSunak) February 12, 2021
Mr Sunak will also reveal changes to visa regulations that will allow high-skilled scientists, researchers, and engineers to enter the UK. These workers will not need employment or third-party sponsorship and will be able to migrate here with limited interference from transport officials.
“We’re also launching new competitions that will unlock innovation in renewable energy and help us to develop the cutting-edge technology we need to reach net-zero.”
“But why has the UK suddenly decided to introduce ‘green bonds’ now?”
One such competition is set to raise £20million to develop floating offshore wind projects in deep-water areas to generate electricity. A further £4million will also be offered to a programme designed to identify methods to produce green energy crops for a sustainable future.
France and Holland have also introduced similar bonds, with Italy entering the race last week.
But many have criticised Mr Sunak’s plans, claiming it has arrived too late. The fact that France sold its first ‘green bond’ in 2017 bears the question: why has the UK suddenly decided to introduce ‘green bonds’ now?
Last year, Boris Johnson’s 10-point plan received scrutiny and criticism for being a “far cry” from what the UK needed to set out on the road towards zero carbon emissions by 2050. Rishi Sunak’s Budget announcement tomorrow is expected to outline a promising target and programme for the UK to follow in order to succeed in achieving a long-awaited green planet.
Madeleine Raine
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