I just posted this on Twitter:
Today, according to the government, is ‘Green Day', when they make clear the next stage in net zero plans.
So let's make in thing clear. There's no new Treasury cash announced today.
Saving human life on this planet is not, apparently, worth spending money on.
Staggering.
— Richard Murphy (@RichardJMurphy) March 30, 2023
So, today is just a publicity stunt.
And as for saving children's future? That's apparently worthless.
And yet they still worry about their grandchildren's supposed requirement to repay the £1.4 trillion of debt the Tories have run up since 2010.
They are so screwed up.
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Well said and heartily agreed.
Neoclassical economics has always put money before people. Neoliberalism more so. Healthcare and the environment just do not factor in any economics decision making.
Not only could we, and should we, but they would be self-financing, grow the economy, and benefit health and the environment. What is there not to like?
Apparently they rebranded it “energy security day” which has a hint of FUD about it.
Sobering comment from George Monbiot: https://www.theguardian.com/commentisfree/2023/mar/29/uk-green-day-fossil-fuel-dirty-money-sunak-renewables
and Jeremy Hunt criticises Biden’s green agenda.
“Ministers will seek to leverage billions in private capital.
In a sense , this is the British way, not massively distortive subsidies but fantastic science, innovation rich companies and a pro-growth regulatory regime powered by private capital from our global financial centre.’
The market, it seems, will be the answer, all by itself.
“this is the British way, not massively distortive subsidies but fantastic science, innovation rich companies and a pro-growth regulatory regime powered by private capital from our global financial centre.” (the Chancellor).
That’ll be austerity, no growth, no investment, low wages, strikes, poverty increases, and a cost of living crisis, then. Just the same as yesterday, last year, tomorrow and forever. Conservatives, eh? Yup, that’ll do it.
Spot on
The ordering of the erm “package” was interesting. First up, the trough will continue to be filled for carbon capture and storage (needed for cement production – but not much else), nukes are next up – natch – with SMR – small modular reactor the key player – one feels that the word “expensive” needs to be included between small and modular. Hydrogen is No 3 – it is unclear what the £250m covers – CAPEX or OPEX (= LCOH (levelised cost of hydrogen) is close to parity with retail gas but will need to get somewhat lower to work. I rather doubt that the Uk will produce enough H2 to heat London by 2030 – shades of Unicorns dancing on Brexits’sunlit uplands. No 4 renewables – & we get into peanuts land – staying there for energy efficiency and heat pumps (where the focus is making them in the Uk – but does it matter where they are made if the economics don’t add up &, the LV distribution network can’t support a penetration much north of 25 – 30% max). The claim that the gov will do something about elec (& gas) bills has all the veracity of a mendacious Fatberg statement.
Speeding up planning could be interesting – & cost reduction – we are about to start looking at that for the community energy project – getting planning & consent is both massively time consuming and expensive (think hundreds of thousands of pounds). one could construe the current planning process as being designed to exclude community energy and make sure only the big boys get to play – I’m sure I’m wrong on this 🙂 …………..
Point No 10 on finance did nothing to address looming WACC (wieghted average cost of capital) problems – given most projects tend to be a balance between equity (typically 20%) and debt (typically 80%). Once upon a time WACCS bumped around 5% – but the nice Bank of Ingerland has decided to crank interest rates – I guess so UK serfs can pay more for their elec (and WACCs have a big impact on elec prices from a given project)..
To be honest there is nothing surprising – tory imbeciles are functionally incapable of delivering anything other than what has been announced, ditto the tory-mini-me = Liebore – the package would be little different – even if it was the Libebore imbeciles delivering it.
On a more positive note – meeting in Bx today discussing the EU’s H2 ambitions & plans. I managed to get the room sniggering at the man from the Commission/DG ENER as he demonstrated that he was unable to justify an ENER proposal on H2 gas network ownership – wonderful stuff when the bureaucrats squirm – hopefully he/his colleagues will think twice before coming up with more nonesense (the MEP in attendance was almost laughing out loud). Pity the same can’t happen in the UK.
Thanks
More like Greenwash day. Tory feeble plan to insulate or upgrade 29 million homes could take over 100 years by which time we will be well and truly toasted on present IPCC projections.