Labour’s Green Revolution


By Paul Homewood


First, a few general points:

1) A £250m Green Transformation Fund is being set up, dedicated to renewable and low-carbon energy and transport, biodiversity and environmental restoration.

This will operate via a National Investment Bank. Therefore £250m will not necessarily represent the full cost involved, as this money will be lent, and some presumably repaid at some stage.

2) The Treasury’s investment rules will be rewritten to guarantee that every penny spent is compatible with our climate and environmental targets – and that the costs of not acting are fully accounted for too.

In other words, lending will not have to be commercially viable, and McDonnell can effectively make up his own rules up as he goes along.

3) According to the manifesto, “To balance the grid, we will expand power storage and invest in grid enhancements and interconnectors

There is no recognition of…

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