The UK needs to woo back investors- The International Investment Summit is a chance to show what we do best
11 October 2024, 11:54 | Updated: 11 October 2024, 11:57
The International Investment Summit is an opportunity for Britain to showcase what it’s best at – research, innovation, and entrepreneurship.
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Between 1990 and 2021, the UK decarbonised faster than any other G7 country – cutting emissions by 48%. After a period of uncertainty about the vision and direction of the UK, investors can see clear signals that Britain is once again serious about leading the race to a greener and more resilient economy, and being the destination of choice for business and investment.
On taking office, the new UK government removed the de facto ban on onshore wind. It has since announced £22 billion to fund carbon capture and storage projects. This month, the UK has just become the first G7 country to phase out coal, and it has established the National Energy System Operator (NESO) to oversee the strategic planning and design of the country’s electricity and gas networks.
Britain is building on the excellent research conducted through its world-class higher education institutions by pursuing innovative ways of doing research on climate change, such as exploring climate cooling through its ‘high-risk, high-reward’ research agency, ARIA.
But there are many challenges ahead. Official data has shown that Britain has the world’s highest industrial electricity prices. In the UK, wind and solar have become competitive with traditional fossil fuels with the help of schemes such as Contracts for Difference.
However, China has a firm grip on the solar industry, as well as minerals such as those needed for wind turbines. The UK and other countries will need to look at options to develop alternative supply chains and manufacturing capabilities or risk providing China with economic advantages and leverage.
The International Investment Summit is an opportunity for Britain to showcase what it’s best at – research, innovation, and entrepreneurship. It’s also an opportunity for the UK to attract investment and support for cleantech solutions to help drive forward the green transition.
Such investment will help to boost the UK economy, giving it the resources and capacity to build out the grid quickly and strategically, invest in infrastructure, and to reform wholesale power markets – which are vital if Britain is to succeed in reducing costs for customers and industry.
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Dr Mann Virdee is a Senior Research Fellow in Science, Technology, and Economics at the Council on Geostrategy
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