UK outlines green energy, tech plans to woo investors
Published: Oct 20, 2021 05:28 PM
British Prime Minister Boris Johnson Photo: VCG

British Prime Minister Boris Johnson Photo: VCG

UK Prime Minister Boris Johnson on Tuesday urged foreign investors to buy into post-Brexit Britain as he seeks to power future prosperity on renewable energy and green technology.

His government also outlined more detailed plans to reach net-zero carbon emissions by 2050, including a drive toward electric vehicles.

The moves are part of a £90 billion ($125 billion) plan that ministers say will support 440,000 jobs by 2030. 

Johnson is keen to burnish his green credentials before hosting world leaders at the UN's COP26 climate summit in Glasgow in November. 

He also wants to boost investment to grow the British economy as it grapples with the fallout from the coronavirus pandemic and Brexit, which have combined to strain the logistics sector, labor market and other areas.

Climate experts gave only a cautious welcome, and campaigners said the moves did not go far enough.

Johnson kicked off a Global Investment Summit in London by announcing a £400 million partnership with the Bill Gates Foundation.

The tie-up, which will see both sides stump up £200 million, follows Spanish renewable energy giant Iberdrola announcing plans to invest £6 billion to create Britain's biggest offshore wind development.

In his sales pitch, Johnson promised government backing for private investment in sustainable projects, saying Britain was now "moving in an exciting new direction with a green, industrial revolution, with new regulatory freedoms."