Speaking at the Green Building Council this morning, the George Osborne has called on the Government to adopt ten “green” policies in next week’s budget which would make Britain's economy "greener and more productive".
Mr Osborne says that none of the following would add to government debt and the explanations with each policy are based on the information put out by CCHQ:
1. A £6,500 energy efficiency entitlement for every home in Britain
Fit every home with up to £6,500 of energy efficiency improvements, with the cost being repaid through savings in fuel bills, delivering immediate reductions in gas and electricity bills of around £160 per year for families across the country.
2. Fund at least three Carbon Capture and Storage projects
Use part of the receipts from the EU Emissions trading Scheme to fund the installation of Carbon Capture and Storage equipment and pipeline networks for at least 5GW of new coal-fired power plant.
3. Smart Meters
Bring forward the roll out of innovative new technology smart meters into every home to give homes and businesses more control over their energy consumption and help reduce bills.
4. Feed in Tariffs
Bring forward the introduction of feed in tariffs for both renewable electricity and heat, as already legislated for in the Energy Act, with the revenue stream helping people lower their energy .
5. Create a national recharging network for electric vehicles
Designate electric vehicle recharging points as regulated assets, thereby introducing incentives for energy companies to invest ahead of need and establish a new recharging network across the UK.
6. Begin work on a new high speed rail network
Start work on plans for a new high speed rail network initially between London, Birmingham, Manchester and Leeds – funded through a public-private partnership to enable construction to begin as soon as possible.
7. Invest in the creation of an electricity internet
Add computing intelligence to the electricity grid through the introduction of a smart grid, allowing demand and supply to be intelligently managed and paving the way for large-scale use of renewable energy sources.
8. Provide government loan guarantees to companies investing in green technologies and create the world’s first environmental trading market
Make it easier for companies to borrow money to invest in green technologies by providing government guarantees for bank loans to environmental technology companies, as part of a National Loans Guarantee Scheme (already proposed by the Conservatives); the Government should also work with the London Stock Exchange to launch the world’s first Green Environmental Market (GEM) to provide future British environmental companies with the investment they need to succeed in the global market.
9. Create a network of Marine Energy Parks
Instigate a network of large scale Marine Energy Parks around Britain’s shoreline to help clusters of innovation grow and accelerate the development of new wind wave and tidal technologies.
10. Build an offshore DC cable network
Require the National Grid to construct a new network of under-sea Direct Current cables, which will run like bootlaces down each side of the British coastline, allowing offshore renewable developments to access the electricity grid, thereby reducing one of the primary cost raising risks for offshore wind and marine power.