Letter: Can Green Be the New Gold? Can Going Green Save and Make Money?

Published on: 23 Feb, 2024
Updated on: 23 Feb, 2024

From: Juemin Xu

prospective Labour candidate for the next general election (subject to selection)

With Labour likely taking over the government this year, every move they make draws attention. One recent decision causing a stir is the scaling back of the Green Prosperity Plan (GPP). This plan aimed to boost eco-friendly infrastructure, and its cutback will impact places like Guildford.

It’s disappointing, but the reasons are clear. The GPP was meant to be funded partly by taxing oil, the gas windfall tax and partly by borrowing. Back in 2021, borrowing was cheap; the Bank of England base rate was 0.25 per cent. But things have changed since then.

The economy’s been hit hard by the disastrous mini-budget in September 2022. Prices are rising everywhere. Interest rates have shot up to 5.25 per cent, making borrowing twenty times more expensive! Unfortunately, this makes the GPP unaffordable.

But going green doesn’t have to break the bank. It can actually save or even make you money. Check out these opportunities:

1. Industries using clean energy: think about electric cars. They’re not just good for the planet; they’re also making profits. In the UK, over a million electric cars have been made, creating jobs and bringing in new tech.
2. Industries creating clean energy. We’ve got loads of wind power potential with our long coastline. Wind energy already makes nearly a third of our electricity, and it’s growing. Sure, it takes a while for wind turbines to pay for themselves, but once they do, it’s pure profit.
3. Energy Efficiency. Want to save money? Use less energy building homes that don’t waste power and upgrading old ones can slash your bills more than you’d expect.
4. Energy Security: remember the energy shortage in 2022? The outburst of the Ukraine war pushed the price record high. Having homegrown energy sources can be a lifesaver in crises like that.

Certainly cutting the GPP budget will slow down our move towards carbon net-zero but a responsible government will have a tight grip on the cash.  A stable economy is crucial for everyone and every industry.

When going green makes us money, that’s the future we want.

Share This Post