“We urge the government to work closely with our sector.”
Those were the words of Association of British Insurers (ABI) director general Hannah Gurga following the government’s unveiling of its ‘Powering Up Britain’ plan, the goal of which is to strengthen the UK’s long-term energy security and independence.
“Access to cheap, abundant and reliable energy provide the foundation stone of a thriving economy with our homes and businesses relying on it to deliver our future prosperity,” said Energy Security Secretary Grant Shapps.
“Following our unprecedented cost-of-living support this winter, which continues, this plan now sets out how we fix this problem in the long term to deliver wholesale UK electricity prices that rank among the cheapest in Europe, as we export our green growth expertise to the world.”
The measures that were announced include reducing the country’s reliance on fossil fuels to heat buildings; building a stable environment for businesses to invest and grow in the transition to electric vehicles and sustainable aviation fuel; and opening the fifth round of the scheme to incentivise investment in renewable electricity.
“The insurance and long-term savings sector welcomes the government’s renewed commitment to transforming the UK economy to reach Net Zero and protect our natural environment,” commented Gurga. “It is right to emphasise speeding up delivery of large-scale energy projects alongside targeted support for technology innovations where the UK can become a world leader.
“As a sector that offers both investment capacity and risk management expertise, we urge the government to work closely with our sector to support these projects to be a success. It is important that the government continues to send strong signals to markets about the growth opportunities it sees in Net Zero technology to enable sustained investment.”
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