Green Stimulus Package
The chancellor announced plans to seize the coronavirus crisis as an opportunity to green the economy. He announced a £3bn package of green investment to help create thousands of jobs and to make public sector buildings greener.
Homeowners will receive vouchers of up to £5,000 — and £10,000 for poorer households — to pay for “green” property upgrades. The Treasury said the measure is expected to support more than 100,000 green jobs.
Sunak also pledged up to £40m for a new Green Jobs Challenge Fund to create 5,000 jobs within environmental charities and public authorities.
More than £100m of new funding has been set aside for carbon dioxide-reducing technology, with an extra £10m set aside for new electric car development projects.
The package will include £2bn towards a new green homes grant and another £1bn for insulating public buildings that has to be spent within a year so that it acts as an effective stimulus. The measures are also aimed at helping the UK meet its ambitious 2050 target for net zero carbon emissions.