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ESG in 3D: Environment

The Growth Plan 2022: The end of green growth?

12 September 2022

Digest:

  • The new Growth Plan sets 鈥渆conomic growth [as] the government鈥檚 central mission鈥.
  • It appears to move away from concept of green growth and appears to position planning and EU derived environmental law as 鈥榖urdens鈥 impacting growth.
  • Development of new deregulated areas, called investment zones. The extend of proposed deregulation is not yet clear.
  • Infrastructure projects are going to be prioritised, with a reduced 鈥榖urden鈥 of environmental assessments and reform of the habitats and species regulations.
  • The Growth Plan contains a number of priority infrastructure projects, the vast majority of which are roadbuilding projects. It is unclear how it is compatible with the government鈥檚 net zero agenda.

Source/Context:

On 23 September 2022 the Chancellor presented his . His aim was to kickstart growth, with 鈥渆conomic growth [as] the government central mission鈥.

However the plan was not well received, with the value of the pound falling to its lowest ever level against the US dollar and the RSPB describing it as 鈥渁n attack on nature鈥.

What does this mean for the FS and other industries?

The Growth Plan sets out its proposals for Investment Zones. These aim to drive growth and unlock housing through tax incentives and planning liberalisation (including 鈥渄isapplying legacy EU red tape where appropriate鈥).

In addition new legislation will be brought forward 鈥榠n the coming months鈥 to reduce the burden of environmental assessments and reform habitats and species regulations in relation to infrastructure projects.

It also sets up an independent review into how to deliver net zero whilst maximising economic growth and investment.

This marks a subtle but significant departure from current  government policy, with the previous government seeing net zero as the biggest economic growth opportunity since Industrial Revolution, and the new government seeing it potentially as burden on growth.

In the immediate term impact of this in practical terms is relatively limited, as we yet to see specific statutory and policy changes. However it has created significant uncertainty for those wanting to invest in the UK, as there is a real risk that there may be significant legislative and policy changes ahead.

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