Former Bank of England governor Mark Carney is warning that homeowners, including those serving the private rental sector, will have to put money into new greener technology to help the UK meet climate targets.
Examples of household green technology given by Carney, in an interview with the BBC, include home insulation, heat pumps, and electric vehicle charging points.
Carney is overseeing a new National Wealth Fund, recently announced by Labour, to attract investment in infrastructure and green industry. The fund will initially invest in riskier areas of activity than would normally attract the private sector: the theory is that after public funds are put it, some private funding will follow.
Under its £7.3 billion National Wealth Fund, the government is to put money into the likes of gigafatories for batteries, hydrogen fuel, carbon capture, and so-called green steel. It aims to attract £3 of private sector funding for every £1 of taxpayers' money.
"As we're looking towards the end of the decade... you have better insulated homes, the cost of energy is lower, the cost of managing and running electric vehicles is lower" Carney told the BBC. "So there's an initial investment cost, but then the actual cost, the actual household bills that we pay, go down."
The fund is a reshaping of two existing organisations: the UK Infrastructure Bank and the British Business Bank. It will be overseen by a taskforce including Carney, Barclays chief executive C S Venkatakrishnan, Aviva chief executive Dame Amanda Blanc and large institutional investors.
The money from the government includes £1.8 billion to upgrade ports and build supply chains across the UK; £1.5 billion for new gigafactories; £2.5 billion for the steel industry; £1 billion for carbon capture; and £500m for green hydrogen.
.jpg)
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
%20(002).png)
.png)
.png)
%20(002).jpg)
Join the conversation
Jump to latest comment and add your reply
Another WEF puppet
I thought he had gone back to Canada. What is keeping him here? Did he not cause enough chaos as governor of the Bank of England?
Carney!!! I thought we had seen the back of this clown.
I assume he is part of the plot to bankrupt this country - China is responsible for huge CO2 production as they continue to build col fired power stations - meanwhile our Westminster idiots think that the Net Zero target they have set, while the UK is only responsible for 1% of CO2 production, will stop climate change!!!!
Putting Bacon Sandwich Millipede in charge of energy shows it is all a dangerous joke!!!
The end result will be financial disaster which Liebour will achieve no doubt - how sad!
Please login to comment