£14 billion needed a year to meet climate targets

The Green Alliance has said that an additional £14 billion is needed each year to help the UK meet its climate commitments, as part of the upcoming economic recovery speech.

The think tank says that £9 billion has been spent over the last three years on projects that actually increase CO2, like roads. The necessary investment should provide a boost for clean transport, nature restoration and low-carbon buildings.

The government said it is determined to meet carbon targets, but the report draws attention to ministers' plans to spend £28 billion on roads, with the Green Alliance casting doubt on whether the government should spend any more money at all on projects that increase CO2 emissions.

Chris Venables, head of politics at Green Alliance, said: "This is a once in a generation opportunity for the Prime Minister to create the foundations of a healthier, more resilient economy. For ‘Project Speed’ (the Prime Minister's infrastructure review) to be successful, it must be the most ambitious climate infrastructure project ever, creating jobs in every corner of the UK. It can’t mean a bonfire of regulations locking in polluting activities for decades to come.”