News | Published November 16 2019

Lib Dems promise green fund of £100 billion over next five years

The Liberal Democrats’ finance spokesman Sir Ed Davey is set to unveil plans to invest £100 billion over five years into reversing climate change and protecting the environment, during a speech in Leeds.

The plans, according to Davey’s speech, will “jump-start” measures to deal with the climate emergency, with the funds to come from taxation and government borrowing which will be outlined in the party’s election manifesto.

Former secretary of state for energy and climate change Davey is expected to say that a Lib Dem government will “spend and invest an extra £100 billion of public finance on climate action and environmental preservation”.

The investment will include a £10 billion ‘renewable power fund’, which will “leverage in over £100 billion of extra private climate investment”.

Davey will add: "This will fast-track deployment of clean energy, to make Britain not just the world leader in offshore wind, but also the global number one in tidal power too.

"And we will invest £15 billion more to make every building in the country greener, with an emergency ten-year programme to save energy, end fuel poverty and cut heating bills.”

The Lib Dems are one of a number of parties pushing for a televised debate on climate change in the run-up to December’s general election.

Both Labour and the Conservatives have already announced plans of their own, while the Green Party have promised to introduce a new government position of “carbon chancellor”, an individual who will be tasked with overseeing the spending of £100 billion per annum dedicated to reversing climate change.

Conservative plans include a promise to end fracking and the introduction of a net-zero carbon emissions target by the year 2050.

Meanwhile, the Labour Party wants all new-build homes to be ‘zero-carbon’ by 2022, alongside a target to reduce UK carbon emissions by ten per cent.

Davey is expected to criticise at both of the major parties' plans for the environment, calling them a “debate between fantasies”.

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Authored by

Scott Challinor
Business Editor
November 16 2019

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