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UK says billions already raised for “green revolution” ahead of investment summit

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LONDON, Oct 14 (Reuters) – (This Oct.14 story corrects to say financiers (not bankers) in sixth paragraph)

Britain’s plan for a “inexperienced industrial revolution” has already attracted billions of kilos of funding, the federal government stated on Thursday forward of an funding summit in London which can convey collectively a number of the world’s strongest financiers.

Authorities knowledge confirmed that funding price 5.85 billion kilos ($8.01 billion) had been delivered or dedicated since November 2020, when Prime Minister Boris Johnson launched a 10-point plan to prioritise inexperienced expertise and local weather targets in Britain’s financial restoration from the COVID-19 pandemic.

The plan targets 42 billion kilos of personal funding by 2030 in vitality, buildings, transport, innovation and the pure atmosphere, alongside the creation of 250,000 “inexperienced jobs”.

Britain is eager to advertise its inexperienced credentials earlier than internet hosting the COP26 U.N. local weather convention in Glasgow subsequent month, the place it can attempt to dealer a posh worldwide deal to stall rising international temperatures.

The federal government additionally desires to draw funding that can assist it acquire an edge within the developed world’s race to capitalise on demand for higher inexperienced expertise and the highly-skilled, highly-paid jobs that ought to include it.

With that in thoughts, Johnson will subsequent Tuesday host prime financiers together with JPMorgan Chase & Co Chief Government Jamie Dimon and Blackrock CEO Larry Fink at an funding summit in London.

The occasion, attended by ministers, business leaders and British royals, is designed to drum up financing for initiatives to assist Britain meet its local weather targets and regenerate struggling post-industrial areas of the nation left behind by a decades-long financial give attention to the companies sector.

($1 = 0.7307 kilos)

Reporting by William James; Enhancing by Jan Harvey

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