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Andrea Leadsom announces new £1bn green growth fund to help hit climate change targets

2 min read

Andrea Leadsom has announced a new £1bn green growth funds as part of a new package aimed at hitting the government's net zero emission targets.

The Business Secretary said the new fund would be invested into the automotive industry in bid to support the development of new electric vehicles and hydrogen fuel cell technology.

The announcement comes after Boris Johnson committed his government to meeting the 2050 net zero targets set by Theresa May in the final few weeks of her premiership.

Ministers said the investment would help deliver new green jobs as well as supporting research and development projects and ramp up the production of clean technology.

Announcing the fund, Ms Leadsom said: "Addressing climate change is a top priority for the Conservative Party, and today's announcements will not only help us reach out Net Zero 2050 target, but will benefit communities and households - and improving wildlife and wellbeing - while doing so.

"Today's announcement is further evidence of the benefits of going green. The Conservatives are doing this properly: creating hundreds of thousands of low carbon jobs and growing our economy while successfully reducing emissions."

The package, announced on the eve of the Conservative Party conference also includes a commitment to create a new 'Great Northumberland Forest' with the planting of up to 1m trees by 2024.

Environment Secretary Theresa Villiers added: "The planting of one million trees will be fundametal in our commitment to be the first generation to leave the natural environment in a better state than we found it. 

"They will enhance our landscape, improve our quality of life and protect the climate for future generations."

The announcement comes after Labour delegates backed a radical plan at their Brighton conference to reduce emissions to net zero by 2030. 

The ambitious targets would mean sweeping changes to personal travel, energy production and the manufacturing industry.

Lauren Townsend, a spokesperson for Labour for a Green New Deal, said: “The Labour movement has voted to take leadership on the climate emergency with a response which puts people and planet before profit.

“Now the ambition has been set, it is time for our movement to come together to build a Green New Deal from the ground up in every town, village and city."

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