A report by the Institute for Public Policy Research (IPPR) has considered the implementation of a UK green industrial strategy, concluding that, to be effective, it should include the establishment of a national investment fund.

If this sound familiar, then it is because a decade ago there was the UK Green Investment Bank, later sold off.

None-the-less, that was a different administration, and since a commitment to net-zero by 2050, the political landscape has changed.

The report, Growing Green a Proposal for a National Investment Fund, notes that, other countries have recognised the need for green investment and industrial policy, and in particular the US, with the passage of the Inflation Reduction Act, CHIPS and Science Act, and the Infrastructure Investment and Jobs Act, two of which were passed on a bipartisan basis, mark a significant departure in American economic policy. Even the EU has made noises about a response with its recently announced Green Deal Industrial Plan.

If the UK is to realise the significant benefits that the transition to net zero offers and accelerate its pathway to reduce emissions, then a green industrial strategy that is centred on investment will be crucial. As previous IPPR research has shown, such an approach can deliver prosperity, help level up, reduce emissions and restore nature.

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