Compare and contrast: What do the party manifestos propose in relation to the energy and infrastructure sector?
In this series, we summarise the positions each Party has taken on key energy and infrastructure topics. First, we consider what commitments, if any, the Parties have made to achieving the UK’s legislated target of Net Zero by 2050.
The Conservatives
The Conservatives’ manifesto pledges to deliver Net Zero securely, which refers to maintaining energy security and hence a blend of energy sources. The Conservatives’ state that the UK is already ‘halfway to net zero’ and that they remain committed to delivering Net Zero by 2050. This position is therefore taken as a continuation of current policy objectives.
Labour
Labour is committed to an ‘acceleration to Net Zero’. They pledge to double onshore wind, triple solar power, and quadruple offshore wind by 2030 together with the introduction of a carbon boarder adjustment to prevent emissions being displaced elsewhere. Labour goes on state that their frameworks and policy making will reflect our (the UK’s) commitments to achieving Net Zero. Can Labour’s position therefore be considered any more accelerated than the Conservative’s?
The Liberal Democrats
The Lib Dems’ pledge to deliver Net Zero by 2045 ‘at the latest’ with 90% of all UK consumed energy coming from renewable sources by 2030.
The Greens
The Greens are the most aspirational of the parties and are pushing for a transition to Net Zero by ‘more than a decade ahead of 2050’.
Reform UK
Reform UK considers that ‘EU Net Zero laws’ are ‘sabotaging our economy’ and thus want to reverse these laws within 100 days should they take office. As a point of fact the Climate Change Act 2008 (2050 Target Amendment) Order 2019, which raised UK climate change targets from 80% reduced against 1990 levels to 100%, was not EU retained legislation and was enacted under Theresa May’s premiership.
Summary
Both the Conservatives and Labour are committed to achieving Net Zero by 2050, whilst the Lib Dems are more aspirational by pulling Net Zero forward five years and the Greens more still, by ten years. Reform UK are seeking to do away with legislated Net Zero targets as they rebut climate change being the result of human activity.
Critically, targets such as 2050, 2045 or 2040 remain well beyond the term of any incoming government in 2024 and so each party’s manifesto merits should be assessed against their more immediate objectives.
In taking the two largest parties, the Conservatives pledge to: keep windfall tax on oil and gas companies in place until 2028-29; treble offshore wind capacity by the end of the next parliament and implement a new import carbon pricing mechanism by 2027. All of which is promising, defined and spread across industries. Labour’s second mission is to make the UK a clean energy superpower. This includes the provision of a £7.3bn National Wealth Fund from which £1bn will be allocated for carbon capture technologies and £500 million for green hydrogen production together with an £8.3bn investment in establishing Great British Energy over the next parliament. In our view, Labour’s Net Zero budget is more aspirational than the Conservatives but less committal in terms of delivery timelines. This, however, is to be expected having been out of office for fourteen years.
In our next post we will examine the parties’ positions on energy policy, which is one of the ways in which government is able to most directly influence how Net Zero is to be delivered.
