Green Industrial Revolution

Labour’s Green Industrial Revolution will tackle the climate crisis and the social crisis at the same time. A £250 billion investment from the Green Transformation Fund will create one million decent jobs and transform our industry, energy, transport, agriculture and buildings.

The climate crisis

• Our planet is quickly becoming uninhabitable. The Intergovernmental Panel on Climate Change has said we need to cut global emissions in half by 2030 to have a chance of keeping global temperatures within safe limits.
• We are just starting seeing the catastrophic scenarios that are to come. This year the UK saw more wildfires than any other year on record. We have already seen the devastating impact of floods in the North of England, and Britain will experience some of the worst flooding in Europe in the coming years. This will devastate communities across the North of England, Scotland and Wales, costing hundreds of billions of pounds.
• While ordinary people suffer the brunt of climate change, fossil fuel giants bear the biggest responsibility for carbon emissions, and they still make billions in profits. 20 of the biggest fossil fuel companies are responsible for more than a third of all greenhouse gas emissions.
• The Tories get millions of pounds in donations from fossil fuel companies, while offering unprecedented support for the industry.

Labour’s climate plan

• Reduce the vast majority of UK emissions by 2030.
• Windfall tax on oil companies, so that the companies that knowingly damaged our climate will help cover the costs of the transition.
• Bring bus networks into public ownership, increase and expand local services, free bus travel for under-25s, reinstate the 3,000 routes that have been cut.
• Create a million decent UK climate jobs in green industry, energy, infrastructure, buildings and agriculture with a massive £250bn Green Transformation Fund.
• Create a National Investment Bank and a network of Regional Development Banks, with £250bn lending for green businesses, co-operatives and community projects in line with decarbonisation mission.
• Create a Sustainable Investment Board composed of the Chancellor, Business Secretary and Bank of England Governor to coordinate Green investment with trade unions and business. Climate impacts will be incorporated into budgets.
• Renewable resources for 90% of electricity and 50% of heat by 2030. Building 9,000 wind turbines, solar panels covering 22,000 football pitches, nuclear power, tidal energy.
• Create new parks, urban green spaces and environmental protections.
• Legislate for a Clean Air Act to tackle toxic air.
• Ban fracking.
• Stop sale of county farms.
• De-list companies obstructing climate action from the stock exchange.
• Renationalise the energy grid, using public ownership to accelerate and co-ordinate investment to connect renewable and low-carbon energy.
• Work with energy unions to support energy workers through the transition (see public ownership).
• £4 billion international climate finance, supporting international compensation countries suffering climate damage.