The deadline to phase out coal from Great Britain’s energy system has been brought forward by a whole year to October 2024.
With COP26 coming up soon, the announcement highlights the UK’s intention on being a leader in green energy. However, coal usage has greatly decreased already and there have been substantial periods where the UK has not had any coal fired power. The focus should now shift from expected announcements to finalising the net zero roadmap and providing a regulatory system for businesses to work with.
Business likes certainty – whether investment or funding. If the framework is predictable and unlikely to be changed, money will flow. There is a lot of investment needed in new technology and projects and it won’t flow until business knows that it will secure a return.
Similarly, the goal posts need to be fixed – the Government recently brought forward the ban on the sale of new petrol and diesel cars to 2030. That doesn’t give industry a lot of time to respond. Early sight of key dates is really important for long term investment decisions.