Britain's next prime minister's new green pledge is a longshot
Plus, what Elon Musk's pay package means for climate investors
In today’s edition:
— The UK’s Labour Party latest green moonshot
— Elon Musk pay package: What it means for climate investors
— The busiest generation? New documentary looks at all humanity built in the past 30 years.
— ‘Cruel Summer’ is more than a Taylor Swift song. Extreme weather is wreaking havoc with outdoor concert-goers
— Fisker files for bankruptcy, joins list of failed EV makers
— Number of people globally without power rises above a billion, World Bank says
LONDON (Callaway Climate Insights) — The great thing about British general elections is you only have five weeks of campaigning, so all the moonshot pledges come bunched together in one dramatic promise of prosperity.
For the Labour Party and Keir Starmer, who with 16 days left until the July 4 vote and such a commanding lead he would have to appear on TV in a German soccer jersey to lose the race, the latest green pledge is no different.
Labour this week pledged to create 650,000 new jobs, many of them green jobs, by creating a 7.3 billion-pound ($9.3 billion) National Wealth Fund to invest in green industries such as clean steel, carbon capture and storage, and hydrogen energy. This is alongside its plan to create a state renewable energy body, Great British Energy.
Details were thin, as they always are with these promises, but according to Shadow Chancellor Rachel Reeves, the money would be raised through a series of private partnerships with businesses and investors. An advisory task force run by former Bank of England governor and sustainable energy advocate Mark Carney will recommend how to manage the fund in a report filed conveniently after the election.
No mention of new taxes, of course, which would be unfortunate because Prime Minister Rishi Sunak and his Conservatives are promising massive tax cuts if re-elected, though few voters believe that either.
Labour has backtracked on green promises before, notably cutting its pledge on green investment to less than 15 billion pounds from 28 billion a few months ago. If (when) Labour wins, the true number will likely be even less.
With climate change not a major issue in this election, despite one of the wettest springs in years in Britain, no green promises will move the needle. It’s pretty much already moved in Labour’s favor.
Of course, anything can still happen. But as a template for how voters will be able to hold the first Labour government in 14 years accountable on climate change, these green ambitions are at least a decent start.
Don’t forget to contact me directly if you have suggestions or ideas at dcallaway@callawayclimateinsights.com.
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