Green Investment

Baroness Hayman Excerpts

Tuesday 7th March 2023 Lords Chamber

[Lord Callanan (Con)]

The noble Baroness would not expect me to go into detail but we will set out our plans shortly. However, it is important to recognise that the UK has made excellent progress in attracting private investment into low-carbon sectors. PwC’s 2023 annual global CEO survey found that the UK is now in the top three in the global investment market, second only to the US and China. Bloomberg New Energy Finance estimated that, in 2021 and 2022, the UK saw £48 billion of net-zero investment coming into the UK.

[Baroness Hayman (CB)]

My Lords, while I recognise the concerns about the anti-competitiveness issues with the Inflation Reduction Act, I wonder whether the Minister has looked at the specific provisions in it in relation to onshore wind. There is support for investment and production, whereas in this country we make the infrastructure of onshore wind subject to far more difficult provisions than any other sort of infrastructure and we have kept it out of investment incentives. When are we going to change those policies?

[Lord Callanan (Con)]

The noble Baroness is dogged in her support for onshore wind and makes an important point. She will know that it is now eligible for CfDs and we are looking at how we can ensure more onshore wind investment with the support of local communities.